Potential ABCD Pattern, entry during formation!
NZDUSD
The pattern is not confirmed yet, however, I've decided to take a long entry on the price way up to point D, by this moment everything seems to be fine.
> Here are some important points:
- Market Main Trend: Downtrend
- Market Current Condition: 4Hrs Chart is making a correction.
- RSI and Stochastic Oscillator: 4 Hrs Chart are pointing up.
> Entry setup:
- Entry Point: 0.65122
- Stop Loss: 0.65062
- Take a Profit: 0.65317
Why am I getting out at 0.65317?
The chart pattern is not complete yet, at this point will be the 0.5 Fibonacci level which I think is pretty secure, considering the Bat Pattern could take place, this will be the key point.
It will be a good amount of pips 195 (profit) and only 60 pips (risk).
What do you guys think about this trade?
