This pair has really been messing with me lately. I was looking at another particular swing move in this instrument and for some reason I assumed price to be forming a double bottom pattern. Even though I did not receive confirmation by the break of the trendline I still managed to pull the trigger, way to early. I was just becoming overconfident about the trade. I was so certain of it that I completely neglected the ab=cd pattern which appeared instead of the double bottom and took a bigger loss then planned on that particular trade simply by averaging down on my losses ( pic of the set-up below)
This time i will not make the same mistake. What you are looking at in this chart is price forming a double bottom pattern with the possibility of a ab=cd pattern. The break of the long term trendline will trigger long entries with profit targets at 1.037x 1.039x 1.042x at 62% 100% and 162% retracement/extensions
Now if price happen to break and close below the 38% projections at 1.034 we are going to witness the ab=cd pattern.
If this happens we will cancel our previous trade and start to reverse our position looking at the completion point of the harmonic ab=cd pattern at 1.030x as profit target. Other profit targets would be 1.032x and 1.027x at 62% and 162% projections
Please leave a like and dont forget to put any ideas regarding AUDNZD in the comments below!
Thank you everyone for reading the analysis
God bless and happy trading
This time i will not make the same mistake. What you are looking at in this chart is price forming a double bottom pattern with the possibility of a ab=cd pattern. The break of the long term trendline will trigger long entries with profit targets at 1.037x 1.039x 1.042x at 62% 100% and 162% retracement/extensions
Now if price happen to break and close below the 38% projections at 1.034 we are going to witness the ab=cd pattern.
If this happens we will cancel our previous trade and start to reverse our position looking at the completion point of the harmonic ab=cd pattern at 1.030x as profit target. Other profit targets would be 1.032x and 1.027x at 62% and 162% projections
Please leave a like and dont forget to put any ideas regarding AUDNZD in the comments below!
Thank you everyone for reading the analysis
God bless and happy trading
