How to trade the ABCD pattern
This is an example of a bullish ABCD pattern.
Ideally, Point C should be Fibonacci retracement between 61.8% to 78.6% of the A-B leg.
Point D should be a Fibonacci extension between 127% to 161.8% of the B-C leg.
Stop loss should be below D or previous low.
Take profit can be at the 38.2% and 61.8% Fibonacci retracement of the C-D leg.
This is an example of a bullish ABCD pattern.
Ideally, Point C should be Fibonacci retracement between 61.8% to 78.6% of the A-B leg.
Point D should be a Fibonacci extension between 127% to 161.8% of the B-C leg.
Stop loss should be below D or previous low.
Take profit can be at the 38.2% and 61.8% Fibonacci retracement of the C-D leg.
Trade closed: target reached
TP1 hit.Trade closed manually
Those who are still holding on to TP2 do manage your trade, I have decided not to wait and closed the trade.Note
Congrats for those who held on to TP2.Weaker USD has impacted Gold positively.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.