EURUSD Three Drives to a Top and ABCD in Daily SELL
I had input an order at 1.121 to sell with a stop 60 points higher (1.127) because:
- We can see that a Three Drives pattern is about to complete at 1.1210 at the 1.272 extension (in blue).
- There is a clear ABCD from the last swing low (in red).
- Adittionally, there is another major ABCD formation (in green).
All of them converge to the same price level
- We can see that a Three Drives pattern is about to complete at 1.1210 at the 1.272 extension (in blue).
- There is a clear ABCD from the last swing low (in red).
- Adittionally, there is another major ABCD formation (in green).
All of them converge to the same price level
Trade active:
I have just been filled
I am not surprised considering that my entry price (1.1210) has acted as a support in the lower time frames, so there is probably more upside, let's see in the following days.
It's a pity because the double ABCD formation at the same price was neat.
That's a lesson to learn: No matter how perfect the pattern may appear, it can always fail.