Short term bearish harmonic scenarios - AB=CD and Bat patterns
Two bearish harmonic patterns present short term bearish opportunity in $AUDJPY.
Earlier, before RBA's rate decision, I actually took a bullish trade based on a setup (aggressive C entry) I sent to the Elite Zone members, with entry near 90.3. That trade is up about 150 pips right now and I'm looking at possible short term pullback towards the 91 zone.
We have two patterns here that could create a nice resistance zone - Bearish AB=CD completion near 91.6 and Bearish Bat completion near 91.8-92
There's also Fib extensions confluence zone between both pattern's PRZ.
The zone between 91.6 and 91.8 is the sell zone and if $AUDJPY will rally towards Bat completion it will present a better than 2 R/R ration.
*Notice, there's a bigger pattern suggesting possible extended rally in $AUDJPY so I'm focused on short term.
Earlier, before RBA's rate decision, I actually took a bullish trade based on a setup (aggressive C entry) I sent to the Elite Zone members, with entry near 90.3. That trade is up about 150 pips right now and I'm looking at possible short term pullback towards the 91 zone.
We have two patterns here that could create a nice resistance zone - Bearish AB=CD completion near 91.6 and Bearish Bat completion near 91.8-92
There's also Fib extensions confluence zone between both pattern's PRZ.
The zone between 91.6 and 91.8 is the sell zone and if $AUDJPY will rally towards Bat completion it will present a better than 2 R/R ration.
*Notice, there's a bigger pattern suggesting possible extended rally in $AUDJPY so I'm focused on short term.
