Classical Triple B Pro Confirmations - April 19th 2021

Hello everyone and welcome back to another Forex Triple B weekly review and summary. As you probably know, guys, if this is the first time you're watching this video, actually, uh, let me just mention it very quickly what we're doing in these videos. Is basically I'm trying to go over some of the more interesting examples that we found in the previous week and basically discuss the technicals, right? What we're looking for, how we're reading the market, all these little things which are not there on their own. Of course, you can see the software and all the suggestions that the software is doing, but There is an extra layer of filtering that we're usually doing, and this is exactly what we're aiming to do in these videos, to show you how exactly we're looking for these extra filters. So the previous week started from the 12th right here up until the 19th— 12th, 16th, sorry— which gives us a few ideas to work with. Let's start from the top, franc-yen. Bullish opportunity. As we can see, this is the 1-hour chart right here, and the price switched— actually, not the price, but the indicator, meaning the first and the second higher time frames switched up in agreement from this very moment right here. Okay, this is what we can see immediately. From the cloud. So from that point on, we can see the price is moving in a bullish structure, creating the higher highs, doing false breaks here and there, but overall, in general, the price is moving in a bullish state, right? So the very first attempt for the price to push lower Well, it actually starts from all these places, but the focus in our video here will be falling on this part. So what we can say at that moment is there was a first wave pullback structure, there is next wave pushing lower, and now you might be looking at this as a double wave, you might be looking at this as a full wave, doesn't really matter. Bottom line is the price managed to touch here, right, the, the bottom coming from a level. Then we have another touch. This is, by the way, the place where the price switched to neutral for a second, and most likely the 4-hour chart was already neutral, which means this is a very deep pullback. And then on the next few candles, we start to see the price pushing up again and the cloud appears again, which means that these 2 are in sync once again. So you might look at this thing as pretty much the beginning of a potential up move based on this deeper pullback. And if it works, you now have pretty decent move to the upside to expect, right? In case you're not looking for one-to-one, but you're looking for something more in order to increase, etc., etc. So in terms of levels, we can see a very nice double bottom, and the price stopped right there. Daily support, weekly, daily support again. Basically, this is a good level, right? And if we look left, we're also able to identify all these zones and places where the price was stopping before that. So it means this Level for some reason is a strong one, and the price is respecting it. So that's about franc yen. Then we have gold fifteen minute chart, which means on the higher time frames we are going to be looking at the one hour chart and four hour charts. Here we have strong bullish for both of them, and even though it was going on and off, on and off. Here we went to neutral and then again we're back to bullish from that point on. Besides these 2 filters, we can also see this amazing push to the upside. Now when I look at that thing, I'm immediately thinking about first, second, third, potential fourth, and then most likely one more wave slightly above this one. Okay. And in this case, it's good because, excuse me, as we can see, the previous weekly plus some daily zone there, we have a dashed line here as well, is slightly above. And most likely this is why the price came to that zone, stopped and started consolidating before the next attempt to continue higher. Which means if you're going to be buying, it would be a good idea, at least for the first target. Again, I'm not sure how you're trading, whether you have multiple targets or not, but it would be a good idea that you do some sort of management right next to this zone. All right, very important, because otherwise you might be stuck in a range. And if you catch this entire move up to here, why not put some money in the pocket, even if this is kicked out in breakeven later on, in case you push the stop loss to breakeven, right? Much better to put some money in the pocket rather than leave it here anticipating for this move to happen. But what if it doesn't break, right? What if the price stops here, gets stuck in a range, and then if this is your protection, uh, you boom, experience, let's say, a spike or maybe even a reversal to the downside, right? So it's much better to go ahead and secure whatever you have in profits if the risk-reward of course allows it. In terms of the actual entry, as we mentioned already, this is some sort of consolidation, but look where this amazing weekly pivot stands and you have the daily pivot point slightly below it. So that's the zone where you want to see the price bouncing and reversing. Now, in terms of the actual breakout, this, even though it's technically a fractal, I wouldn't use it as a fractal. This is not a breakout, at least on the 15-minute chart. So I personally would be skipping that. On the other hand, though, if you're using trend lines, it would make a bit more sense, right? Because as ugly as this trend line might be, and by ugly I mean it's very aggressive to the downside, you're still able to draw here some kind of valid structure as opposed to this inner candle, which even if we try to force it, it's not, it's not a breakout, right? It's a simple inner candle which for some reason had a few candles next to it and managed to create a fractal. Okay, but this is just a technicality. The software doesn't understand these things. We as traders do understand them. So we must be paying attention, close attention to these very, very little things. And here we go. I mean, it doesn't matter how good it looks, right? I was definitely going to anticipate this thing moving forward, okay? But you see that even the perfect-looking setups would be failing at moments. So again, this one would not be reaching the target level, but if it did, this is the exact situation I'm referring to. It's much better to put someone in the pocket, secure this trade, And then let it develop. Okay, let's see what's next. Pound franc sell idea. We can see this cloud going up and down, and overall this is a range. I mean, it doesn't matter how we look at it; this is a range. The price is pushing up, down, up, down, up, down. But since this consolidation is smoothed out because we're currently looking at the 15-minute chart, since this consolidation is smoothed out on the higher time frames. The cloud didn't manage to change to neutral, at least, right, to make a gap like we have here. And that's why it remains. And this is where the higher timeframes analysis, it's super useful because this noise is filtered out when you look at these 2 features right here. It clearly helps you identify it as opposed to just imagine you didn't have that or this and when you look at this chart you have no clue what's happening and that's why multi-timeframe analysis is super important because you get the higher timeframe picture, you get the larger picture idea what's happening. Now here what also could be added is that on the 4-hour chart at least MACD on H4 is pushing lower. We are forming lower lows, we're creating momentum. It's not like we're facing divergences, right, which is the end usually of a trend, or at least a pullback. At this moment, nothing like this is happening. Actually, the very opposite is happening. Excuse me. There is 4-hour chart hidden divergence right here. And if you're not familiar with divergences, the hidden divergence is usually supporting the ongoing momentum. So assuming that we do have bearish or downtrend, this bearish hidden divergence is absolutely perfect confirmation for us. This on top of the structure which the price managed to form here, which is the range, and we're currently at the top of this range. False breaking it, right, it starts to make a lot of sense that we should be experiencing a possible push to the downside, um, of this range right here, right at the bottom. In this case, it's better actually because the entry is coming— well, it's not a perfect entry. It wouldn't be a perfect entry in terms of the level, right? Ideally, when you have a range, you want to be selling it as higher as possible or as low as possible if you're buying. In this case, selling, so at the top it would be fantastic. But why do I say it's actually very good? Because at the bottom, if this is the zone where— actually, it's slightly higher, probably some people might even mark it from here, but let's say this is approximately the bottom of this range. And as we can see the 1:1 risk-reward ratio comes very close to it, right? Even though we have these levels on the way, there is no way how we can squeeze the price— sorry, the take profit right here. If you want to be doing that, you need to wait for pullback, right? And in this case, as we can see, the price is going down very aggressively, so you would be missing this trade. I'm not saying it's wrong to wait for the for the pullback, by all means. This is the more conservative approach, and then your risk-reward ratio would look like this, and then probably you will be able to fit your first target right next to this level. Okay, but there is always a trade-off. If you wait for these setups, there will be many such which you're going to be missing, and if you're trading this kind of setups immediately with a breakout There will be many times when the price pushes up, providing you the opportunity to enter at much, much better price. But again, it's always a trade-off. So it depends on the given situation, but it is something, of course, to definitely pay attention to. Now, CADCHF, just like GBPCHF, got stuck here in a range. Even though this structure is a bit more unclear in moments if we think about it, because at the bottom it's actually creating lower lows, near the tops, right, it's creating kind of a flat line, but in general this is what's happening, right, up and down. We don't have a very clear trend. We can see the price was coming down Before that, here we have a sudden push up. So this kind of agreement, let's say, in between the price up and down, up and down, is suggesting a range. And given the structure which was provided here, which is, in my opinion at least, not an impulsive structure, at least not at that stage, And the higher time frame filters which are suggesting 1-hour chart is bearish, 4-hour chart is very strong bearish. Again, no divergences here. Potential, I believe, bearish hidden divergence. So overall, the idea would be to look for the sells, right, after it's bouncing from this, uh, cloud. Naturally, we have the weekly support too, which is ideal place. I mean Weekly levels, of course, makes sense for them to hold the price much better than the daily ones, right? The higher the time frame, the more reliable it becomes. So having this weekly level is good. One thing here is that we don't have a cluster of zones. And by cluster of zones, I mean, let's say, this daily pivot with this daily— what is it, support or something, right? But you have 2 lines here. That makes a cluster. In this case, you've got only one, which is not ideal, but again, probably the risk is mitigated because you have weekly rather than just a daily level. All right, so I think that's more than enough here. If you have any questions regarding any of these screenshots and basically this table, Please leave a comment or find us in the Telegram group, and we'll be happy to discuss the given situation and give you as much info as possible. So that would be all for this week. Have a wonderful one. Bye for now.