Hello traders, here we have another 5-0 pattern but this time on the 1h timeframe with EUR/GBP.
Price has formed a valid head and shoulders pattern within the 5-0, I'm expecting price to complete the right shoulder at the D point followed by a sell-off to 0.83300. This is an excellent shorting opportunity with over a 1:3 risk to reward.
The measurements for a valid 5-0 pattern are detailed below.
B: 1.13 - 1.618
C: 1.618 - 2.24
D: 0.50
I hope your week is full of profit, safe trading everyone!
Price has formed a valid head and shoulders pattern within the 5-0, I'm expecting price to complete the right shoulder at the D point followed by a sell-off to 0.83300. This is an excellent shorting opportunity with over a 1:3 risk to reward.
The measurements for a valid 5-0 pattern are detailed below.
B: 1.13 - 1.618
C: 1.618 - 2.24
D: 0.50
I hope your week is full of profit, safe trading everyone!
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