*GBP/AUD* Bearish AB=CD Pips Away From The PRZ (4H Timeframe)

2019년 7월 16일

We have a nice bearish AB=CD forming on the GBP/AUD pair, Intermediate Timeframe is 4H, Major is Daily and Minor is 1H.

I expect this pattern to complete today or tomorrow.

This AB=CD has an AB measurement of 0.393 which means the reciprocal ratio will be 2.618. This is the CD price leg.

Once price confirms 2.618 ratio I will be looking to enter the trade depending on how price looks in the PRZ.

Stop loss level is measured with the fib retracement tool from B to C using a set ratio of 3.14 or 3.618
Take profit level is measured with the fib retracement tool from A to D using a set ratios 0.382 and 0.618

If price reaches the 0.382 ratio I would move my stop loss into break even or just into a little profit to bulletproof the trade ensuring if the trade goes against me I will not take a loss and even a small profit.

If you have any questions feel free to drop it in the comments.

Happy trading and hope everyone has a great day!

Matteo :)