After a beautiful 3.15 to 1 succesfull trade AUDCAD
is giving us another high probability setup. Following a sharp move which ended at the 0.91500 level price is in a corrective structure moving in a rising channel
. Having completed 4 of 5 WXYXZ waves and 3 of 4 legs of a bat pattern
, price has formed a bullish gartley
pattern with D point testing the lower parallel of the channel. I believe that this gartley
will push price higher in order to complete the 5th wave of the correction pattern and the bearish bat
Looking in a lower time frame (15min) we can see that price has formed another smaller gartley
at the end of CD leg of the larger pattern. I personally won't use the smaller pattern for placing my stoploss. To me it's just another reason to go long in this market. So using the larger gartley pattern
i will enter with three positions with SL and profit targets as shown at the chart. If price reaches the first target i will place stoploss to breakeven.
15min chart bullish
Any like and comments are welcomed..!