The AB=CD pattern, with a BC outside return breaking the 0.618 retracement level, but not touching the 0.5 retracement. The 1.272 extension level at 1.36402 comes in just below the previous structure high level of 1.36459, giving us a nice lower level for our Price Reversal Zone. Using the 1.618 extension AB=CD Reciprocal Ratio for the BC retracement of 0.618, we end up with the upper level of our PRZ at 1.36650.
Now taking this trade will give a very good Risk/Reward ratio, since I will have my stops a couple of pips above the previous structure high and the 0.382 retracement, which is normally my take profit target 1 level, is quite a distance away, around the 1.33173.
Now taking this trade will give a very good Risk/Reward ratio, since I will have my stops a couple of pips above the previous structure high and the 0.382 retracement, which is normally my take profit target 1 level, is quite a distance away, around the 1.33173.
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