FX:AUDJPY   Australian Dollar / Japanese Yen
I'm back with another 5-0 pattern but this time on the 4h timeframe with AUD/JPY .

Price is currently completing the C point at the minimum 1.618 but it could drop further to 2.24 before making a move towards the PRZ.

The measurements for a valid 5-0 pattern are detailed below.
B: 1.13 - 1.618
C: 1.618 - 2.24
D: 0.50

The 5-0 structure has a perfect reciprocal AB=CD pattern within it, which completes at the 50% retracement level at D.

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Comments

Lewis are you seeing a retrace to ~84.58 from current price then resume downtrend? Or would you enter short at ~84.00 cheers,
Reply
LewisGlasgow BeauMulder
@BeauMulder, I'll be waiting for the entire pattern to complete, going short from around 84.500 after completing the C and D point (similar to the chart shown below).



If the C point completes at 2.24 instead of 1.618, you can buy and then sell... Double trading opportunity :)
Reply
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