AUDUSD Three Drive Pattern in the making
Saw this ABCD pattern which might be heading to a Three Drive Pattern after bouncing off the .618 retracement level.
I'll keep following this pair, I might go long if the price cross above .76240 but I'm mostly using it as a lab to try a couple new things.
First one is using divergence when able. I don't rely on it yet to confirm my ideas, I just try to spot them and see if the market react accordingly. Once I'll be more comfortable using them I'll try to see if I can make a strategy out of it.
Second one is Fibonacci time zone. Since I started trading, Fibonacci is something that really blew my mind. When I learned a few days ago that you can also use Fib retracement to see WHEN a price will move significantly I was really excited. For now I'm just using it to see how accurate that is. I'm not exactly sure yet how that will help me in my trade. Regardless, I find it neat ^^
Edit : Just realized I publish an idea a few days ago where I said we were in the 4th wave of an Elliott Wave, that would confirm the Three Drive Pattern
I'll keep following this pair, I might go long if the price cross above .76240 but I'm mostly using it as a lab to try a couple new things.
First one is using divergence when able. I don't rely on it yet to confirm my ideas, I just try to spot them and see if the market react accordingly. Once I'll be more comfortable using them I'll try to see if I can make a strategy out of it.
Second one is Fibonacci time zone. Since I started trading, Fibonacci is something that really blew my mind. When I learned a few days ago that you can also use Fib retracement to see WHEN a price will move significantly I was really excited. For now I'm just using it to see how accurate that is. I'm not exactly sure yet how that will help me in my trade. Regardless, I find it neat ^^
Edit : Just realized I publish an idea a few days ago where I said we were in the 4th wave of an Elliott Wave, that would confirm the Three Drive Pattern
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