USDCAD - Nice Retracement and Target

10 בספט׳ 2017

Note for myself:
We can call it any name we want. ABCD pattern, Harmonic Wave, 123 pattern, Continuation, Tend Following, Channel, Trend line, Andrews Pitchfork, Elliotte Wave or Fibonacci trading technique. I believe what I see. There are consistence profit and target with Fibonacci number. The confluence is very important.

10 בספט׳ 2017

הערה

In this H4 chart, I focus on:
1- Trend : downtrend as told by Ichimoku cloud or bigger Moving average.
2- Reversal near the medium line (red color)
3- Fibonacci number near 50% or 61.8%.
4- Nice Engulfing near 50% fibo.
5- Support line of channel
6- Fibo target at 1.618%

Additional:
7- If stochastic (14,3,3) is used, the retracement happened when above 80% line. Another good confluence that many traders used.
8- The way I choose the starting of fibo is based on my experience. Different traders may have different opinions. I respect other traders opinion.
9- The actual right thing is when we can make consistence profit from our believe.
10- Always learn from experience traders in Tradingview.com. Learning never end.

Thanks.