I am reviewing some setups which failed for me last week.
Dollar Index Daily Chart
Upon reviewing the chart, I realised that this should be the right way I should draw my pattern.
Always choose the deeper B leg as your correct B. (Compare this to the other Pattern I have draw earlier)
Mapping in my PRZ, I realized that price tried to close below the PRZ but failed.
Based on something new I just learnt, it happens to be also a which happened back in February.
*I am still learning and I could be wrong about the way I map the zones*
This is a pretty interesting concept and I am absolutely confident that DXY will hit at least 100.73 based on the TP1 rules of the pattern.
By combining S&D with Harmonics, I guess it should be safe putting my SL just below point D with a small buffer.
Redoing this trade can easily net me a 1:3 R:R on my trade.
Another lesson learnt today and I am definitely gonna read some more books on this way of trading.
1. For the negative numbers ,it refer to extension is it?
2. The pattern drawing and PRZ also need the retracement figure, what does the negative number for?
3. Btw, my fibonacci retracement got this shadow which I can't get rid off to look just like yours.