Monday, June 13, 2011
Bullish 5-0 pattern is formed on EURUSD H1 chart.
This pattern possessed an ideal bullish 5-0 pattern.
As seen on chart B point is at 1.27XA retracement.The important key in a valid 5-0 pattern is a C point.C point must be greater than 1.618AB but must not exceed 2.24AB retracement.
On this setup C point is just below 2.00AB retracement which provide a validity of this pattern.
On this setup D point of 0.50BC retracement is at 1.4330 and reciprocal AB=CD at 1.4320. The tight range of this two important level gives nice opportunity to go long on price action test the 1.4320 area.
14 Jun 2011
Exit all position at 1.4480. Total profit for this trade 210 pip.
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