TaylorMaroto

Potential ABCD Pattern, entry during formation!

Long
FOREXCOM:NZDUSD   New Zealand Dollar / U.S. Dollar
NZDUSD

The pattern is not confirmed yet, however, I've decided to take a long entry on the price way up to point D, by this moment everything seems to be fine.

> Here are some important points:

- Market Main Trend: Downtrend
- Market Current Condition: 4Hrs Chart is making a correction.
- RSI and Stochastic Oscillator: 4 Hrs Chart are pointing up.

> Entry setup:

- Entry Point: 0.65122
- Stop Loss: 0.65062
- Take a Profit: 0.65317

Why am I getting out at 0.65317?
The chart pattern is not complete yet, at this point will be the 0.5 Fibonacci level which I think is pretty secure, considering the Bat Pattern could take place, this will be the key point.

It will be a good amount of pips 195 (profit) and only 60 pips (risk).

What do you guys think about this trade?

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