THE AUSSIES: WAKE UP GET READY!This is a 12H setup - like the weather - showing the case for a potential reversal south.
Features:
1 - zone of congestion in what looks like a PRZ
2 - an alternate ABCD pattern.
3 - price just below 12H ATR line.
Contrary to the received wisdom ABCD patterns do not have to be a precise pattern with a 61.8 retracement of initial limb. It can be a 78.6. In fact there are a whole range of ABCD patterns. The important issue from my observations is that AB is roughly equal to CD.
As prices on most tradingview charts are mid-point we can't expect high accuracy.
As usual this setup does NOT mean that price has to reverse. There is about a 51% chance of reversal south in my estimation. That leaves 49% chance for continued movement north. Keep that in mind and remember that you can't win without risking a loss. Make it an affordable one.
Disclaimers : This is not advice or encouragement to trade securities. Chart positions shown are not suggestions. No predictions and no guarantees supplied or implied. Heavy losses can be expected. Any previous advantageous performance shown in other scenarios, is not indicative of future performance. If you make decisions based on opinion expressed here or on my profile and you lose your money, kindly sue yourself.
