UPDATE #1: Price action has NOT confirmed the move higher. Therefore on sidelines for now, waiting for further confirmation.
Hello Traders,
Here we have gotten the completion of a harmonic ABCD pattern, do keep in mind this is a DAILY time frame. Due to the bigger stop loss, I will be looking for long opportunities on lower time frames, in order to keep my risk under control. We are seeing RSI BULLISH Divergence, a possible indication of sellers running out of steam. Risk to reward does work in our favour, stop loss goes 10 pips below the 161.8 % Fib extension of AB leg. See the chart for more details.
Please feel free to AGREE or DISAGREE with this idea. Hit that thumbs up button (top left corner of this chart) if you like the idea. Good Luck :)
Hello Traders,
Here we have gotten the completion of a harmonic ABCD pattern, do keep in mind this is a DAILY time frame. Due to the bigger stop loss, I will be looking for long opportunities on lower time frames, in order to keep my risk under control. We are seeing RSI BULLISH Divergence, a possible indication of sellers running out of steam. Risk to reward does work in our favour, stop loss goes 10 pips below the 161.8 % Fib extension of AB leg. See the chart for more details.
Please feel free to AGREE or DISAGREE with this idea. Hit that thumbs up button (top left corner of this chart) if you like the idea. Good Luck :)