Well it seems to be 5-0's all around this week, here we have EUR/GBP on the 4h chart with yet another bullish 5-0 pattern.
The measurements for a valid 5-0 pattern are detailed below.
B: 1.13 - 1.618
C: 1.618 - 2.24
D: 0.50
Price is currently 100 pips away from the PRZ, keep an eye on this pattern completing to go long!
The measurements for a valid 5-0 pattern are detailed below.
B: 1.13 - 1.618
C: 1.618 - 2.24
D: 0.50
Price is currently 100 pips away from the PRZ, keep an eye on this pattern completing to go long!
Comment:
Price has now reached 0.86000, I'll be looking for additional confirmation before taking the trade.
Comment:
To all of those asking for an update on what I see happening, here it is.
If we break the descending channel and support level, do not take the trade.
Price has formed a head and shoulders pattern on the daily chart, these don't always hold but it does go against my decision to go long.
If we break the descending channel and support level, do not take the trade.
Price has formed a head and shoulders pattern on the daily chart, these don't always hold but it does go against my decision to go long.
Comment:
Price has now broken out of the descending channel exactly as I predicted, I'm currently running in 50 pips profit.
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