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#tradingfellow

ABCD pattern NZDJPYThis idea looks a lot like one of our recent posts we did about the USDCAD pair. The difference about this idea though is that we have an ABCD pattern that falls nicely into the bottom line of the descending wedge. To be more specific about this ABCD pattern: if you look closely to the 'C to D' part of the pattern, you'll see that point D is located at the 1.272 fibonacci extension of the previous down move from 77.88 to 74.08. The fact that point D also falls at the bottom line of the descending wedge makes this one pretty special and worthy posting for you guys. We prefer setups witch technical confluences like this, because in these setups the probability of being right is greater. ALWAYS make sure to test a strategy for yourself before you start trading it. Because when you do, you'll discover personal preferences in things such as ways to enter the trade or stoploss placement. These can be very valuable! Good luck!
Long
by TradingFellow
AUDUSD - KISS 'Keep It Simple Stupid'The 0.7635ish area we're focusing on looks probably messy, but that's for the sake of education. Having drawn those Fibonacci lines could give you an idea on how confluences work without the need of many tools, but just a line here or there. Drawn from the long-term low in 2016 (zoom out!) to the recent high, we get the yellow 0.382 line. On a smaller swing, we have the orange line that gives us the 0.50 fib retracement. The even smaller swing gives us the red line which shows the 0.618 fib retracement. And lastly, the dark red line drawn from the retracement of the top gives us a 1.272 fib extension. The lines are formed within a 20 pip area and bounced off immediately. Showing more traders/investors are looking at this particular spot. This huge Fibonacci zone plus an intermediate-term trend line showing support (first resistance, and when it breaks it should become support) gives us a high probability swing trade with potential compound entries. We'll try to keep you updated on this ride. Happy pippin'!
Long
by TradingFellow