Hey traders,
On this CADJPY 4 hour timeframe we can see that the move from point 1 to point 2 took 69 bars to form a drop of 425 pips.
Now it is almost retracing for 69 bars and hasn't even retraced 225 pips. Normally I would enter at the 61.8% Fibonacci retracement, but I don't think that we will get that far. So I want to enter a bit below that, at the completion of an AB=CD pattern on the lower timeframe.
Cheers
On this CADJPY 4 hour timeframe we can see that the move from point 1 to point 2 took 69 bars to form a drop of 425 pips.
Now it is almost retracing for 69 bars and hasn't even retraced 225 pips. Normally I would enter at the 61.8% Fibonacci retracement, but I don't think that we will get that far. So I want to enter a bit below that, at the completion of an AB=CD pattern on the lower timeframe.
Cheers
