Hello traders, here we have another 5-0 pattern but this time on the 4h timeframe with NZD/CHF.
Once the market opens I will be looking for extra confirmation to enter this trade, I'm expecting price to sell-off right down to the daily trendline near the C point. This is an excellent shorting opportunity with over a 1:2 risk to reward.
The measurements for a valid 5-0 pattern are detailed below.
B: 1.13 - 1.618
C: 1.618 - 2.24
D: 0.50
I hope your week is full of profit, safe trading everyone!
Once the market opens I will be looking for extra confirmation to enter this trade, I'm expecting price to sell-off right down to the daily trendline near the C point. This is an excellent shorting opportunity with over a 1:2 risk to reward.
The measurements for a valid 5-0 pattern are detailed below.
B: 1.13 - 1.618
C: 1.618 - 2.24
D: 0.50
I hope your week is full of profit, safe trading everyone!
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