GBPUSD goes exactly in a 5-0 pattern
1.a down trend ahead,halt at X
2.the trend failed to go further after extended to the 1.618 XA
3.then the price rallied sharply to C,where the 1.618AB is
4.the price fall back to 50% of BC,and the AB=CD convestrged well
5.the PRZ has been tested twice and reversal is sharp
SL:1.53515
TP:in chart
1.a down trend ahead,halt at X
2.the trend failed to go further after extended to the 1.618 XA
3.then the price rallied sharply to C,where the 1.618AB is
4.the price fall back to 50% of BC,and the AB=CD convestrged well
5.the PRZ has been tested twice and reversal is sharp
SL:1.53515
TP:in chart
Comment:
trade closed.stop loss
Comment:
We can gain a lot experience in this chart Campere to the "5-0 pattern in USDCAD"
1.The harmonic patterns indicate the Critical price level effecively
2.Whether or not the pattern finally change the predominent trend or not,the price did make distinguish perfomance in the PRZ
3.The reversal sometimes seems little,so it is essential to take profit while the reversal comes to an obvious level ,or at least put a 38.2% trailing stop
4.The decidely broken of PRZ does not mean the harmonic pattern is not valid .Contrarily,it gives us a good signpost of price level ,where you can execute on the predominant trend ,setting the SL above the PRZ
1.The harmonic patterns indicate the Critical price level effecively
2.Whether or not the pattern finally change the predominent trend or not,the price did make distinguish perfomance in the PRZ
3.The reversal sometimes seems little,so it is essential to take profit while the reversal comes to an obvious level ,or at least put a 38.2% trailing stop
4.The decidely broken of PRZ does not mean the harmonic pattern is not valid .Contrarily,it gives us a good signpost of price level ,where you can execute on the predominant trend ,setting the SL above the PRZ