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.
Comments
petermp25
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Two More AUD Pairs with 2618
UnknownUnicorn180388
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Aussie pairs will be busy this week if all goes to plan.
Houssine
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Great TomHall I'm Also Waiting For Completion The Gartley :D
UnknownUnicorn180388
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Best of luck.
Houssine
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Thank you Tom ;)
UnknownUnicorn180388
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Trade Update:
After getting short at the Double Top of AUD/USD i accumulated +60 Pips.
As price broke and closed above the A leg, the Gartley Pattern is now invalid.
moneymaking
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Hey Tom, great setup mate. Just wanted to ask that, what is completion point ratio for the BC leg that you use according to your rules?
UnknownUnicorn180388
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Hi,
Sorry but i don't give out the ratios or fibonacci's i use for any patterns, these are reserved for my students only.
If you should need any other basic information e.g profit taking or stop loss shoot me a message.