I am trading two bar candlestick patterns using fibs to find targets and Breakouts for entry on 4hour and Daily Charts.
I will SELL:
I will SELL:
- If there is a bearish candlestick pattern (two bars, 1st Blue, 2nd Red)
- First if price stalls below the 62% or 38%
- Second if If the lower low is broken
- Third on close below the 138%
I will fib the higher high and lower low and set my tp at the 327% AND my stop at 10 pips below 0%
I will BUY:
- If there is a bullish candlestick pattern (two bars, 1st Red, 2nd Blue)
- First if price stalls above the 62% or 38%
- Second if If the higher high is broken
- Third on close above the 138%
I will fib the higher high and lower low and set my tp at the 327% AND my stop at 10 pips above 0%
The 327% will be considered my ultimate target and I will trade all setups that trigger on the way to the target until its hit or until there is stalling at 138% or 227%.
NOTE: Entries will mainly be via buy or sell stops. If my stop will exceed 150pips I will wait for a pullback or pass up the trade.