USDCAD Bat Pattern Butterfly Pattern Fibonacci Retracement Confluence Flat Candle Long Forex Trading Position
Snapshot:
USDCAD Bat Pattern Butterfly Pattern Fibonacci Retracement Confluence Flat Candle Long Forex Trading Position
Reasons For Trade:
Fibonacci confluence of 78.6 of overall impulse leg, 61.8 of another impulse leg, 161.8 fib extension of recent retracement.
Flat candle in zone suggesting new orders started from there which has fibonacci confluence with 88.6 Fibonacci retracement level and Fibonacci extension of recent retracement. This makes an area very string due to bat pattern formation.
Level on Level demand area. So we will have to combine.
This impulse leg has string ERC candles which broke previous structure.
Due to 161.8 extension of recent retracement this zone also has completion of Butterfly Pattern too which coincides with flat candle and bat pattern completion on the same point.
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Trade: NZDUSD Fibonacci Confluence, ABCD Pattern, Demand Area Long Trading Idea
Snapshot:
NZDUSD Fibonacci Confluence ABCD Pattern Demand Area Long Trading Idea
Reasons For Trade:
Fibonacci Confluence of 38.2 of previous impulse leg, 0.886 of recent impulse leg, 1,272 fix extension of recent retracement.
ABCD Pattern forming
Good Demand Area as price shot up from this zone in multiple ERC candles.
200sma reaching the zone
Price is reaching over sold territory
Psychological round number 0.6600 in zone
Stop Placement:
Below Psychological round number 0.6600
Targets:
First target at opposite Supply location where 50sma was crossed by 10sma.
Trade Execution:
Partition entries. First entry using limit orders and second to wait for confirmation in the zone to have better R/R ratio. This is because the price may come deeper in the zone to touch round number 0.6600
Concerns:
None
Planned News/Events Expected:
MonOct 26
10:00am
USD
New Home Sales
546K
552K
5:45pm
NZD
Trade Balance
-822M
-1035M
Post Execution Review:
Pending
--------------------------------------------------------------------------------- Leave a comment: I would love to hear your thoughts, suggestions on this topic. Please leave a comment.
---------------------------------------------------------------------------------
Disclaimer: This web site is just my financial trading log and is for educational purposes.
Please do your research, analysis and take your decisions. You must not rely on my actions or analysis.
Please see the Disclaimer page.
---------------------------------------------------------------------------------
Due to sudden drop EUR is reaching oversold area. On H4 it is already oversold but on H1 it is not.
Spikes close to red zone in chart show a Demand area. So price may come back to retest this that is when H1 will be oversold. This can give is a Double Bottom formation.
Stop Placement:
Below point x of bat. Looking left I see another demand area on previous impulse leg. So including that too.
Targets:
First: 38.2 Fibonacci Retracement
Second: 61.8 Fibonacci Retracement
Trade Execution:
At 38.2 close half of the trade and move stops to break even.
Concerns:
Demand are on previous impulse leg is wide and is beyond stop loss limits.
Planned News/Events Expected:
MonOct 26
5:00am
EUR
German Ifo Business Climate
Post Execution Review:
Pending
--------------------------------------------------------------------------------- Leave a comment: I would love to hear your thoughts, suggestions on this topic. Please leave a comment.
---------------------------------------------------------------------------------
Disclaimer: This web site is just my financial trading log and is for educational purposes.
Please do your research, analysis and take your decisions. You must not rely on my actions or analysis.
Please see the Disclaimer page.
---------------------------------------------------------------------------------
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