Hi guys.
This is not a pattern I look at often, however, today I'm looking at a long position at the end of a harmonic 5-0 completion! Price has hit support on the weekly time frame and should find some security at this level. EUR GBP is not a pair i've wanted to trade as of late as per the obvious political sentiment, then again, I don't trade the 5-0 that often either. There also seems to be a small double bottom on the 4 hour chart. If price is to push 30% into my profit one, I will as always move my SL to my entry level. So lets see how this works out, this one's just for some fun!
5-O ratios
X:B = 1.13-1.618
A:C = 1.618-2.24
B:D = 0.5
This is not a pattern I look at often, however, today I'm looking at a long position at the end of a harmonic 5-0 completion! Price has hit support on the weekly time frame and should find some security at this level. EUR GBP is not a pair i've wanted to trade as of late as per the obvious political sentiment, then again, I don't trade the 5-0 that often either. There also seems to be a small double bottom on the 4 hour chart. If price is to push 30% into my profit one, I will as always move my SL to my entry level. So lets see how this works out, this one's just for some fun!
5-O ratios
X:B = 1.13-1.618
A:C = 1.618-2.24
B:D = 0.5
評論:
A quick overview below shows a level of resistance where price has a history of rejecting; this level was broken out of pure bullish momentum in the aftermath of Brexit. Once the market started to find its balance price tried to break once more before rejecting again. This pair has now rallied in a gradual state since April so price should find security where resistance has flipped to support.
交易進行:
Late update: my entry to this trade wasn't exactly where the entry level shows on the Long Position tool. I entered at the close of the bullish candle at 0.88209. Stop loss and TP remain the same.
