One of my favorite entry patterns on daily, 4 hour or 1 hr chart pattern (can use on lower time frames too)
Example of a bearish 4 hour A-B-C pattern GBPJPY attached chart:
Rules:
1) Wait for 0 leg to A leg (bearish trend) then
2) Wait for A leg to B leg (bullish pullback back upwards, but not above A price) then
3) Entry once B leg breaks the low of A leg price, with a stop loss comfortably above entry (4 hr chart, so account for that in stop and lot size).
4) B leg to C leg is daily trend and take profit/ set target leg of this pattern.
Example chart had a target of 70 pips on 10 pm to 10 am, three 4 hr candles. *This is highest liquidity and volume 12 hrs per day. 1:3 or 20 pip/60 pip risk reward would have worked great.
Example of a bearish 4 hour A-B-C pattern GBPJPY attached chart:
Rules:
1) Wait for 0 leg to A leg (bearish trend) then
2) Wait for A leg to B leg (bullish pullback back upwards, but not above A price) then
3) Entry once B leg breaks the low of A leg price, with a stop loss comfortably above entry (4 hr chart, so account for that in stop and lot size).
4) B leg to C leg is daily trend and take profit/ set target leg of this pattern.
Example chart had a target of 70 pips on 10 pm to 10 am, three 4 hr candles. *This is highest liquidity and volume 12 hrs per day. 1:3 or 20 pip/60 pip risk reward would have worked great.