I would like this setup a lot more if the had gone oversold, but as a pattern trader my plan says to take the trade and with me only risking 45pips to potential gain 74 it was a no brainer.
Structure traders may want to check out price action on the hourly as we are consolidating at those highs with divergence on the
HOWEVER, with New Zealand's ANZ business Conference at 9pm NY time, it may be worth proceeding with some caution.
Yes, any caution would be good for you :)
I would never consider to trade this sharp ending pattern. For me if it even do some retracement I don't care cause in my study (I studied patterns from Larry, Robert, Scott and Jim for about 5 or more years) this sharp edge on the ending of the pattern is a real killer for trading plan.
Of course I would be happy if you have this trade in plus, but for me, and I studied your work, you take too much risk ignoring this sharp edges. I have lost many trades and money doing that and when I spoke about this with Jim, he told me that in hes experience is not worth betting a trade against this kind of zones.
Anyways I would be happy if you win this, good luck !
I don't want to just steal anybody to some external blogs or sites. So I want to have possibility to just make chart in Mt4 and upload the image from it.
You could just put a little theory here that gives a small idea about the sharp edged patterns.