Price has formed a nice AB=CD pattern.
It has rejected the 61.8 level at point C.
Take profit could be as much a 435 pips. A tight entry could a very nice risk reward. There for Risk reward of 13.5 or 4.4.
A nice rejection pin bar has formed, so a stop placed a bit beyond that is my preference.
Currently I can't see any sign of divergence.
I have seen a trendline breakout when using the smaller time frame.
The rejection pin bar sits nicely on the 61.8 level and the 1.62500. There is some structure there, but there is more on the 1.6300 - which may be the safer location for a stop loss..
Rejection of horizontal (blue) ascending resistance trendline.
It has rejected the 61.8 level at point C.
Take profit could be as much a 435 pips. A tight entry could a very nice risk reward. There for Risk reward of 13.5 or 4.4.
A nice rejection pin bar has formed, so a stop placed a bit beyond that is my preference.
Currently I can't see any sign of divergence.
I have seen a trendline breakout when using the smaller time frame.
The rejection pin bar sits nicely on the 61.8 level and the 1.62500. There is some structure there, but there is more on the 1.6300 - which may be the safer location for a stop loss..
Rejection of horizontal (blue) ascending resistance trendline.