GBPUSD@ Bearish AB=CD Completion At Key Resistance Zone
Price is testing a key resistance zone where a bearish AB=CD pattern has been formed.
I would enter the market with two positions. Placing stoploss above 0.786 of the XA wave is quite safe. As for profit targets the first one should be equal to CD wave giving us a 2.25:1 r/r ratio. The second one should aim for 1.27 of the XA leg with a 3.7:1.. If price reaches the first target we should place stoploss of the second position at breakeven.
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John
I would enter the market with two positions. Placing stoploss above 0.786 of the XA wave is quite safe. As for profit targets the first one should be equal to CD wave giving us a 2.25:1 r/r ratio. The second one should aim for 1.27 of the XA leg with a 3.7:1.. If price reaches the first target we should place stoploss of the second position at breakeven.
Like and comment,
John
Trade closed manually:
GBPUSD is bullish. We close this trade manually with a small profit..
