There is a pattern with a D leg completion at $41.90. This trade has been on my radar for a while now and it finally looks likely to complete.
Target 1: $45.55
Target 2: $47.95
The method I used to trade this type of setup is very simple.
1) Identify pattern
2) Place a pending order a few ticks/pips ahead of the D completion
3) Set stop loss below/above the X point
4) Set targets at the 38.2% and the 61.8% retracements of the C to D leg
5) If and when price reaches the 38.2% target, half the position is closed and the stop loss is moved to my entry point to protect profits
6) Let trade play out, only two outcomes are possible from here. Either the price moves to my 2nd target or to my stop and the trade is complete.
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