moneymaking
Short

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

FX:EURUSD   Euro / 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 :)
UPDATE #1: Stop loss was hit. All positions are now CLOSED.
Reply
I've been BE stopped.
+1 Reply
moneymaking IvanLabrie
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
Potential pending upside:
snapshot
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moneymaking IvanLabrie
Yeah, that's possible. But have to actively manage the long position !!
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IvanLabrie PRO IvanLabrie
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.
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moneymaking IvanLabrie
Let me take a closer look. I'll get back to you on that mate :)
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IvanLabrie PRO moneymaking
Thanks.
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moneymaking IvanLabrie
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
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
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