Alexander_Nikitin

euraud. classic chart patterns

FX:EURAUD   Euro / Australian Dollar
guys, had many requests on posting some classic charts patterns. i don't personally trade them but i do frequesntly analyze the market using them. Here's the conventional method of trading. stops should go below the right shoulder. targets should be at the projected one to one measured move of the head. May enter at market or wait for a deeper retracement for better price. have a nice day.
Comment: cut my risk by half moving the stop higher. just under the most recent relative low.
Trade closed: target reached: targets hit on this one:)
But you drew a bit less than 1:1 from the head, is there a reason?
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@tomg10, I drew a bit more. It should be 1 to 1 from the right shoulder's valley, not from the breakout point.
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tomg10 Alexander_Nikitin
@Alexander_Nikitin, Valley means lowest point?
Reply
@tomg10, yep, right shoulder's low.
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tomg10 Alexander_Nikitin
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thanks BATMAN!
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@LuckyLaki, you are welcome;)
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