AUDUSD - Trading the GAP - 3-drives harmonic move.

FX:AUDUSD   Australian Dollar / U.S. Dollar
Reasons for entry :

- Bullish Gartley completion
- previous structure/support
- potential 3-drives harmonic move
- fibonacci cluster 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 AB=CD move which brought us to the top (B-point) of the Gartley pattern . We retraced back into previous resistance/support completing the bullish Gartley .

I'm looking for this structure to hold and a potential 3-drives move right into the week open, where we have a nice Fib cluster :

  • 0.786 retracement 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 bull Cypher pattern setting up.

Good trading and may the pips be with you !
Comment: 1/2 of the position take off at previous highs, stops rolled to break even
Trade closed: target reached: This went much faster than expected for a nice 209 pips. Will be looking for a nice entry to go short now. Love it when it all comes together. :)
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Great analysis
Awesome trade, Thank you!
+1 Reply
Yep, that Gartley was indeed what triggered my entry :)
Hope you caught some nice pips too !
Mustafoinc Nico.Muselle
Yes I did, I wrote it on the chart. +181 pips. 1st half I got out at my 33 pips according to my chart above and then followed your trade for the rest!!!!
+1 Reply
Excellent ! Did you move your stops to break even after you took the first profit ?
Mustafoinc Nico.Muselle
Yes sir
+1 Reply
Good stuff, so it was a risk free trade. Feels good, doesn't it ? :)
Mustafoinc Nico.Muselle
Heck yea it does. :))
+1 Reply
I agree that we should see some retracement here after this nice push up, so I am looking for a short entry now.
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