OANDA:GBPUSD   British Pound / U.S. Dollar
I'm back with another 5-0 pattern but this time on the 4h timeframe with GBP/USD             .

The measurements for a valid 5-0 pattern are detailed below.
B: 1.13 - 1.618
C: 1.618 - 2.24
D: 0.50

Price is currently forming the C leg which will complete in between 1.618 and 2.24, it will more than likely complete at the 1.618 level as a bearish deep crab forms in the same price zone (chart is shown below).



Excellent trading opportunity with over 1:4 risk to reward.

I've got more analysis on the way, stay tuned!
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GBPUSD pretty aggressively going down, so you think it will continue to fall or it's just a little pullback before going up again?


Thank you
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LewisGlasgow ValtsVladimirLiepnieks
@ValtsVladimirLiepnieks, long-term I see price completing the C point, but I will not be trading this pair until the pattern completes :)
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Looks minted mate, see for the 5-0 is the stop loss always atleast 100 pips? also is this one just drawn and measured using the fib retracements?
Reply
LewisGlasgow MichaelCollins18
@MichaelCollins18, thanks mate! Always go beyond the next level of support or resistance for the stop loss, it's usually 100-200 pips... All fibs :)
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@LewisGlasgow, awesome, I can't wait to learn this pattern, looks class, then take profit measured from A-D I'm guessing?
Reply
LewisGlasgow MichaelCollins18
@MichaelCollins18, once I've cleared my feet I'll be going in-depth on this one, just use a solid C point TP for this one.
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is it advisable to buy now up to C?
+2 Reply
THEMBAn THEMBAn
OK I GOT MY ANSWER@THEMBAn,
Reply
Hey Lewis!
Good to hear from you


So do you suggest to open BUY already now?
Reply
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