This is a example of a trade setup that I will not take.
We see a nice completing around 1.10.
1. Nice round number
2. Great pattern
But no thanks!
I have learnt that taking trades only at the extremes of a H4 increases my winning % dramatically.
For this setup, the channel is sloping down, it has not hit the extreme.
Even if this is gonna turn up, it is likely gonna be just a small reaction instead of a big reversal.
Be selective, trade well and I wish those who took this trade good luck!
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How does the harmonic patterns behave during news action, do you trade if there is a news coming out like for example the NFP Report every first Friday of the month for the USD? I am asking cos I was very surprised on the EURUSD on the 20th of this month when I did an analysis but did not took much attention to it now I am reviewing my weekly analysis and I saw that the EURUSD reached a PRZ zone end retraced during the news see chart below. I just want to know from an experience trader like you if this happens often or if it was just a one-of.
Good weekend traders.
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