Take a look at the related idea to see how the last trade went. All targets got hit on Gold:
The trendlines are used to define an impulsive move, which shows a clear uptrend followed by a correction shown by the AB=CD pattern. AB=CD patterns, unlike other harmonic patterns, works as continuation patterns.
AB, BC and ABC are used to calculate the cluster near a previous support level.
The cluster highlighted on the chart needs to act as a strong support level. Prices should not trade in that area.
Pattern details:
AB:
1542 points
39 bars
CD:
1523 points
37 bars
Conclusion: AB equals CD in price and time
*Close 50% of position at TP1 and let the rest run to TP2. Continue doing this until the IPO is hit with 4 positions in total.
*Move SL to 24% AD to secure profits if TP1 gets taken out
Dont forget to leave a like!
Good luck to all trading this pair!
The trendlines are used to define an impulsive move, which shows a clear uptrend followed by a correction shown by the AB=CD pattern. AB=CD patterns, unlike other harmonic patterns, works as continuation patterns.
AB, BC and ABC are used to calculate the cluster near a previous support level.
The cluster highlighted on the chart needs to act as a strong support level. Prices should not trade in that area.
Pattern details:
AB:
1542 points
39 bars
CD:
1523 points
37 bars
Conclusion: AB equals CD in price and time
*Close 50% of position at TP1 and let the rest run to TP2. Continue doing this until the IPO is hit with 4 positions in total.
*Move SL to 24% AD to secure profits if TP1 gets taken out
Dont forget to leave a like!
Good luck to all trading this pair!
Comment:
Trade active:
perfect entry at the ab=cd!!
