So the coolest thing happened today. I was attending a free webinar hosted by a great trader named Todd Brown from Triple Threat Trading. In this webinar he brought up a chart from a former client and told me that I might be interested in looking at it since I am a ration based trader as well. When looking at the chart I noticed that it looked familiar and when looking back at my screen I noticed that I indeed was already involved in the exact same trade and the exact same point, and had already hit profit as well. I personally never try to base my trades off others analyses but it was pretty cool to see that three traders could see exactly the same thing on two different time frames, have the same entry and snag the same profits. Anyway let's take a look at the actual trade.
On the EURUSD 15min I was originally looking for an advanced pattern such as a gartley or a bat. However the market retraced too far to give me a valid signal by my rules. So I decided to zoom down to the 5 min chart and as always started drawing AB=CD patterns. I noticed that if it was going to complete it would stop right at the previous retracement which I deemed as structure. I then drew in some fibonacci extensions, inversions and a retracement from the original move and as you can see they all lined up at the same area. Needless to say I got involved. The rest speaks for itself.