AUDCAD - 15m - ABCD into resistance
last week i posted an idea regarding the orange gartley at a major support zone. after taking small profits we then broke that very support zone to the downside. now we retested this area in an ABCD like pattern and already saw a decent rejection.
the overall bias is still towards upwards reversal (check out old idea for reasons) but that doesnt mean that we cant take a smallterm short here.
if we see a breakout from the consolidation i will be looking to go short if i can find a decent entry.
safest target should be a retest of the blue dashed line and should still provide decent risk reward. but trendcontinuation is still viable here as well.
the overall bias is still towards upwards reversal (check out old idea for reasons) but that doesnt mean that we cant take a smallterm short here.
if we see a breakout from the consolidation i will be looking to go short if i can find a decent entry.
safest target should be a retest of the blue dashed line and should still provide decent risk reward. but trendcontinuation is still viable here as well.
Comment:
we didnt find desired breakout but continued higher. the next zone of interest fro me will be the completion point of the bat pattern of an extended abcd move.
