- previous structure/support
- potential move
- around week open
- Higher High, Higher Low indicating an uptrend on this time frame
- excellent RR > 6:1
The week on AUDUSD opened with a gap which is not visible on the TradingView charts. We already put in an move which brought us to the top (B-point) of the . We retraced back into previous resistance/support completing the .
I'm looking for this structure to hold and a potential move right into the week open, where we have a nice Fib cluster :
of 0.7320 high and this week's low
1.272 this weeks low and most recent high
- 1.414 previous low and most recent high
- and 1.618 of inverse extension of current low and most recent high.
Since we are putting in new HH and HL, for me chances are good that we will try to at least reach the border of that gap. This would present us with a nice Reward:Risk ration higher than 6:1
Option 2 : if current lows do not hold and we break below structure we have a potential pattern setting up.
Good trading and may the pips be with you !