Trade77; AUDUSD ABCD Pattern 7am

From winnersedgetrading.com

AUDUSD has formed an ABCD pattern in H4 chart: But have to wait for this four hour candle to close. Close around 0.9600 level will complete that ABCD pattern. For this case I like to find a long setup in shorter time frames in order to have a tight stop loss and my profit target would be 0.9700 area, 38.2 fibo retracement. Wait for some signs of a reversal and then go long. UPDATE: There are two approaches here for taking these trade calls, aggressive and conservative. Aggressive traders will calculate AB and CD and will take the trade at the D point with 10pips tolerance, In this example AB is 240pips and you might ... (full story)