moneymaking
Short

EURUSD: BEARISH ABCD PATTERN WITH GOOD RISK TO REWARD ON 4 HR !!

FX:EURUSD   Euro Fx/U.S. Dollar
Hello Traders,

Here we have a VALID BEARISH HARMONIC ABCD PATTERN on FX:EURUSD             , that recently got completed. Note that since the market is currently at the completion point for this pattern, this trade is considered to be ACTIVE now. The overall short term 4 HR             trend is to the downside, with the market coming back deep into PRZ, giving us a nice shorting opportunity. The stop loss for the ABCD pattern is placed 10 to 20 pips above the 161.8% Fib extension level, which also allowed us to hide our stop loss just above the PRZ. The Risk to Reward is also favourable, 1 to 1 for the 1st target. See the chart above for more details.

Please feel free to AGREE or DISAGREE with this idea by leaving a comment below. Hit that thumbs up button (top left corner of this chart) if you like the idea. Thank you everyone for all the SUPPORT that you have given me so far, I truly appreciate it. Good luck everyone :)
IvanLabrie PRO
2 years ago
Great, more reasons for my short I just took.
My stop is leet...I mean 1.1337.
Target #1 1.115, target #2 1.107.
+1 Reply
moneymaking IvanLabrie
2 years ago
Great, Nice work mate. It's better to keep your stop loss above the 1.1300 key psychological round number. All the BEST :)
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IvanLabrie PRO moneymaking
2 years ago
Yes also a nice key level for other reasons, should hold. And we have news tonight, I think it might work, has a decent probability and r/r. Easily 2:1+.
+1 Reply
moneymaking IvanLabrie
2 years ago
Exactly, I love the Risk to Reward. I would put this into my list of "good trades" for future reference :)
Reply
IvanLabrie PRO moneymaking
2 years ago
Hopefully it delivers.
I'll try to go long lower, at support, those two tp areas are the areas of interest for me.
Not sure if you can spot any pattern, mostly a monthly trade though.
+1 Reply
moneymaking IvanLabrie
2 years ago
I am going to stay cautious about going long on eurusd for now. Especially with Fed's interest rate news next week. Choppiness expected until the Fed's news release :)
+1 Reply
Jackson.Martinez IvanLabrie
2 years ago
nice done
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IvanLabrie PRO
2 years ago
I've been BE stopped.
+1 Reply
moneymaking IvanLabrie
2 years ago
Same here mate. Break in structure, possible change in 4 hr trend. Got to wait for the Fed news, before even thinking about longing this.
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IvanLabrie PRO moneymaking
2 years ago
Potential pending upside:
snapshot
Reply
moneymaking IvanLabrie
2 years ago
Yeah, that's possible. But have to actively manage the long position !!
Reply
IvanLabrie PRO IvanLabrie
2 years ago
I placed a pending sell in gbpusd, weekly: 1.55141 - sl: 1.5633.

Do you see anything? I think it might be the start of the CD segment of an AB=CD, from the weekly high back in July 2014.
Reply
moneymaking IvanLabrie
2 years ago
Let me take a closer look. I'll get back to you on that mate :)
Reply
IvanLabrie PRO moneymaking
2 years ago
Thanks.
Reply
moneymaking IvanLabrie
2 years ago
Sorry mate, the AB retracement never touched the 61.8% Fib level, that is the least it should have gone, before considering it a valid ABCD pattern.
snapshot
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IvanLabrie PRO moneymaking
2 years ago
I see, for me as long as it confirms the time at mode setup (which it did) it's valid, .382-0.5-0.618, all good.
+1 Reply
moneymaking IvanLabrie
2 years ago
Awesome :)
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IvanLabrie PRO IvanLabrie
2 years ago
GBPUSD: Interesting weekly short
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moneymaking IvanLabrie
2 years ago
Looks good :)
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IvanLabrie PRO moneymaking
2 years ago
Fill before FOMC and rate hike magicks would help. :)
Have a terrific weekend mate!
+1 Reply
moneymaking IvanLabrie
2 years ago
Yeah it sure will. Thank you Ivan. You too have a wonderful weekend, ENJOY :)
+1 Reply
moneymaking
2 years ago
UPDATE #1: Stop loss was hit. All positions are now CLOSED.
Reply
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