Nzdusd AB=CD pattern -potential short term shorting opportunity

Potential shorting opportunity.
A couple of points to discuss, starting with
Positive notes:

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D leg completes at a .618 Fib, which is also at a strong resistance level on Daily chart.

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The pattern had repeated itself multiple times.

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It is also in the higher price scale of 2016.
Negative notes:

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Looking at Higher time frame, there is a very strong parallel channel where the price at the moment is at low range.

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Lower time frame, it is currently in an uptrend.

To trade this, I will have to wait for confirmation that will give me confidence to enter.

Upon entry, I want to see exhaustion and/or resistance around the area of D leg completion.

Yorum:

İşlem aktif:

Stop loss moved to break even before fomc

Yorum:

Target Hit. Closed half and let the rest run