‘W’ formation with Fibs
Posted by Cire2222 on Jun 12, 2008
days ago I told readers about the ‘W’ formation in the USD/JPY forex pair. That trade has worked out great, I wanted to show you a chart of the formation along with fib extentions to find targets for the trade. In general I will place my orders in front of the target to make sure I get filled. The ‘W’ formation is an easy one to spot. The entry comes after a flag type pullback and breakout, the targets are found by using fib extensions, see the chart below.
