Bearish AB=CD Pattern completed Bearish AB=CD potential [starting at point C] Could carry on pattern Price as recently rebounded of the .618 fib level which is also a resistance turned support Entry order between rices 0.758 & 0.761
Price could break through .618 structure Trend channel could be tested between 0.757 & 0.762 Look to go long if above is met
Comment
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*CORRECTION*
Price has rebounded of main structures within AB=CD pattern Confluence with fib ratios and trend line caused price to push upward and resume uptrend momentum
Early Entry at 0.7611 Stop loss at 0.7568 Target 1 at 0.7669 Initial R:R at 2.26 Target 2 at 0.7705 Target 3 at 0.7746
Comments
PP90_
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Why take the trade?
1) price has been pushing major trend channel
2) price has bounced off broken resistance (turned support) @ 0.765
3) confirmation lines up with 38.2 fib ratio line
4) previous retracement lined up with fib 38.2 before continuing uptrend
PP90_
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1st target met
2nd target met
3rd target approaching
Why take the trade?
1) price has been pushing major trend channel
2) price has bounced off broken resistance (turned support) @ 0.765
3) confirmation lines up with 38.2 fib ratio line
4) previous retracement lined up with fib 38.2 before continuing uptrend