AUD/USD - BEARISH 5-0 ----TITLE CORRECTION
Lots of opportunity on the charts to start off they year!
Here at Six Figure Capital, we are all taking advantage of all the opportunities!!!
Today, we are looking at AUD/USD on the 4h chart. Price seems to be trending down, and within the down trend a BEARISH 5-0 seems to have completed in the 0.7360 zone.
Throughout my studies of this pattern, it seems to be very common for price to hit the 0.5 mark and then flirt between the 0.5 and 0.618 before the price reversal actually hits.
When price breaks below the 0.5 mark, then we can look to enter a position.
Referring to @Lewglasgow analysis of this pattern, price is also hitting a trend line in the down trend of this pair.
Now, we just play the waiting game...
The measurements for a valid 5-0 pattern are detailed below.
B: 1.13 - 1.618
C: 1.618 - 2.24
D: 0.50
Here at Six Figure Capital, we are all taking advantage of all the opportunities!!!
Today, we are looking at AUD/USD on the 4h chart. Price seems to be trending down, and within the down trend a BEARISH 5-0 seems to have completed in the 0.7360 zone.
Throughout my studies of this pattern, it seems to be very common for price to hit the 0.5 mark and then flirt between the 0.5 and 0.618 before the price reversal actually hits.
When price breaks below the 0.5 mark, then we can look to enter a position.
Referring to @Lewglasgow analysis of this pattern, price is also hitting a trend line in the down trend of this pair.
Now, we just play the waiting game...
The measurements for a valid 5-0 pattern are detailed below.
B: 1.13 - 1.618
C: 1.618 - 2.24
D: 0.50
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