MarcusWyatt
Short

AB=CD Completion at market structure, with Fibonacci confluence

FX:EURUSD   Euro Fx/U.S. Dollar
631 3 0
The AB=CD pattern, with a BC             outside return breaking the 0.618 retracement level, but not touching the 0.5 retracement. The 1.272 extension level at 1.36402 comes in just below the previous structure high level of 1.36459, giving us a nice lower level for our Price Reversal Zone. Using the 1.618 extension AB=CD Reciprocal Ratio for the BC             retracement of 0.618, we end up with the upper level of our PRZ at 1.36650.

Now taking this trade will give a very good Risk/Reward ratio, since I will have my stops a couple of pips above the previous structure high and the 0.382 retracement , which is normally my take profit target 1 level, is quite a distance away, around the 1.33173.
The high yesterday came to within 3 pips of activating my sell limit order at 1.36556, turning on a dime at the 1.36500 psychological level. Let's see if the price action is going to spike up today...it's looking good so far. Today's candle should probably be a Spinning Top or Doji. If we see that candle and then on Monday we have a nice Bearish candle, life going to be good!
Reply
AncientM MarcusWyatt
Agree man. Well said.
Reply
AncientM MarcusWyatt
Down target is confirmed, lets sell it.
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