AUD/USD - 4h Chart - Gartley Pattern - 2618 Trade & Double Top
We potentially have a busy week ahead for AUD/USD with many trade opportunity's along the way.
Double Top
If you trade structure support and resistance then this would be a very basic short entry at the double top with stops above the first top.
2618 Trade
If you are looking to trade the AUD/USD a little more conservative, the 2618 trade would be the next step.
Trading the 2618 would mean waiting for the second support area and a break of the neckline.
Once price had broken the neckline you would be looking for a .618% retracement from the second top to the current price.
If all of the above criteria had been met you would look to get short with stops above the double top.
Gartley Pattern
If the price can break and close below the neckline / support i will be awaiting a D leg completion of the bullish Gartley Pattern.
As always with advanced patterns target 1 would be placed at the .382% of the C-D move.
Target 2 will be placed at the .618% of the C-D move.
If we can get a Target 2 completion on the Gartley Pattern we could then look to get short as per the 2618 trade above as all criteria's would have been met.
Trade Safe.
We potentially have a busy week ahead for AUD/USD with many trade opportunity's along the way.
Double Top
If you trade structure support and resistance then this would be a very basic short entry at the double top with stops above the first top.
2618 Trade
If you are looking to trade the AUD/USD a little more conservative, the 2618 trade would be the next step.
Trading the 2618 would mean waiting for the second support area and a break of the neckline.
Once price had broken the neckline you would be looking for a .618% retracement from the second top to the current price.
If all of the above criteria had been met you would look to get short with stops above the double top.
Gartley Pattern
If the price can break and close below the neckline / support i will be awaiting a D leg completion of the bullish Gartley Pattern.
As always with advanced patterns target 1 would be placed at the .382% of the C-D move.
Target 2 will be placed at the .618% of the C-D move.
If we can get a Target 2 completion on the Gartley Pattern we could then look to get short as per the 2618 trade above as all criteria's would have been met.
Trade Safe.