ABCD pattern just completed on 1hr timeframe going short. based on AB leg move of key structure. BC being 61.8 retracement and CD extending to 1.272. I'm looking for price to continuing down to 1.618 extension which coincides with a 61.8 retracement of AB on the daily timeframe of the pair. However previous support has been found and tested 66pips lower than the 61.8 retracement (on the daily) so i'd expect price to retest here before going long and completing the daily ABCD pattern. (assuming buyers will see this as the best place to enter).
i'll be entering around 1.2693 with a pretty tight SL just below the 78.6 retracement as if it breaks this then the ABCD pattern has failed.
i'll be entering around 1.2693 with a pretty tight SL just below the 78.6 retracement as if it breaks this then the ABCD pattern has failed.