glennmercer
Short

Short AUDCAD: Bat, Crab, Wolfe, Trendline, Pitchfork, Pivots

FX:AUDCAD   Australian Dollar/Canadian Dollar
AUDCAD             is nearing a highly confluent zone of resistance. A bearish bat and a bearish crab are set to complete in a tight PRZ that may be contained by trendline and pitchfork resistance. A bearish Wolfe wave setup may also be completed in this area. To add to the bearish bias, two unhit daily pivots sit below price. RSI is overbought as well. Stop loss is placed above Bat X with targets at .382 and .618 CD retracement levels.

Confluence in the PRZ:
  • Bearish bat pattern completion
  • 1.618AB=CD (bat)
  • 1.618BC projection (bat)
  • Bearish crab pattern completion
  • 3.5AB=CD ( crab )
  • 6.786BC projection ( crab )
  • Bearish Wolfe wave set up
  • Trendline resistance
  • Pitchfork resistance
  • Unhit pivots below price
  • RSI overbought

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Comment: Bearish Wolfe wave on 15m TF:
snapshot
Hey, Hope you doing well
we will wait until get there any new update will be helpful

Thank you :)
Reply
I agree with you. Might not be as many reasons on my chart, but this area is a clear stop out zone that was targeted. I am short.

snapshot
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