AUD/USD - Bearish 5-0
Updated
Wow this is huge, today we have AUD/USD on a 4 hour chart with yet another 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
Once price reaches the D point I'll be looking for extra validation before placing the trade.
The measurements for a valid 5-0 pattern are detailed below.
B: 1.13 - 1.618
C: 1.618 - 2.24
D: 0.50
Once price reaches the D point I'll be looking for extra validation before placing the trade.
Note
My entry point was 20 pips off the mark, price dropped heavily due to the Federal Reserve raising the interest rate +0.25% for only the second time since the 2008 financial crisis. There are three more rate hikes expected during 2017.
Note
Keep an eye on the trendline shown below incase price bounces, safe trading everyone.
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