glennmercer
Short

GBPCAD Short: Bearish 5-0 Pattern Complete

FX:GBPCAD   British Pound/Canadian Dollar
GBPCAD             has satisfied the conditions of a bearish 5-0 pattern at the 50% retracement of the CD leg. Missed monthly pivots for June and July of 2015 will likely help drag the pair down to the target area. There is tight zone of confluency around 1.978 shared by .786 XO, 1.272BC projection, and .786BC=DE, which makes for a nice area to take profit. The next level to look for on the downside would be the missed pivot for July.
Trade closed: target reached: Target achieved: +720 Pips
Excellent!!
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glennmercer PRO FullTimeTrader
Thanks cheers!
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Im also short here, interesting and rare pattern. Regards.
+1 Reply
glennmercer PRO FullTimeTrader
Yes the 5-0 pattern has worked very well on smaller TF's, this is the first I've traded on the D1. I've seen successful setups on daily and weekly charts by Scott Carney, however. GL!
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