Here we are looking at a bearish 5-0 pattern on the 1h chart with USD/JPY.
As price continues to drop this week, we have an opportunity for price to reverse at the the C point measuring at 2.24.
This is the maximum extension for the C point on the 5-0 pattern, which continues to leave the opportunity open for profit.
The measurements for this pattern are coming in so perfectly that I will be opening a position
to follow price from C to D point.
The measurements for a valid 5-0 pattern are detailed below.
B: 1.13 - 1.618
C: 1.618 - 2.24
D: 0.50
As price continues to drop this week, we have an opportunity for price to reverse at the the C point measuring at 2.24.
This is the maximum extension for the C point on the 5-0 pattern, which continues to leave the opportunity open for profit.
The measurements for this pattern are coming in so perfectly that I will be opening a position
to follow price from C to D point.
The measurements for a valid 5-0 pattern are detailed below.
B: 1.13 - 1.618
C: 1.618 - 2.24
D: 0.50
