Wow this is huge! Today we have USD/JPY on the 1h chart with a perfect bearish 5-0 pattern, I'm absolutely loving the look of this setup already!
The measurements for a valid 5-0 pattern are detailed below.
B: 1.13 - 1.618
C: 1.618 - 2.24
D: 0.50
I consider this pattern to be perfect as both B and C points come in a 1.618.
I'll be trading this pattern in a different way than normal, due to the dollar gaining strength this week I'll be going long from C to D before going short.
A valid inverted head and shoulders pattern has formed on the 15m chart which would be an excellent entry point (chart shown below).
To add to the bearish 5-0, price has formed a valid reciprocal AB=CD pattern which completes at the D point (chart shown below).
I hope you all have an excellent week.
Here's to your success!
The measurements for a valid 5-0 pattern are detailed below.
B: 1.13 - 1.618
C: 1.618 - 2.24
D: 0.50
I consider this pattern to be perfect as both B and C points come in a 1.618.
I'll be trading this pattern in a different way than normal, due to the dollar gaining strength this week I'll be going long from C to D before going short.
A valid inverted head and shoulders pattern has formed on the 15m chart which would be an excellent entry point (chart shown below).
To add to the bearish 5-0, price has formed a valid reciprocal AB=CD pattern which completes at the D point (chart shown below).
I hope you all have an excellent week.
Here's to your success!
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