AUD/USD - Bearish 5-0

Wow this is huge, today we have AUD/USD on a 4 hour chart with yet another bearish 5-0 pattern. I'm absolutely loving the look of this setup already!

The measurements for a valid 5-0 pattern are detailed below.
B: 1.13 - 1.618
C: 1.618 - 2.24
D: 0.50

Once price reaches the D point I'll be looking for extra validation before placing the trade.

Kommentera:

My entry point was 20 pips off the mark, price dropped heavily due to the Federal Reserve raising the interest rate +0.25% for only the second time since the 2008 financial crisis.

There are three more rate hikes expected during 2017.

Kommentera:

Keep an eye on the trendline shown below incase price bounces, safe trading everyone.