DavoodWadi
Short

Yet Another ABCD Formation with Bearish Divergence & Double Top

FX:AUDUSD   Australian Dollar/U.S. Dollar
Hello everyone,

Another perfect ABCD formation has completed and I'm putting my order as soon as the market opens.

The latest top, with a huge wick on, before the market closed sat on the 1.618 extension of the A leg which also was exactly on the 61.8 retracement of the down move from late October.

As you can see from RSI , there is a big divergence between the higher highs in order to confirm the setup.

I have two orders:

A short term which has a tight stop right above the latest top
and
A long term which its stop sits on the latest Major High @ 0.89150

Choose your Profit Targets and Stop Losses yourselves, by calculating your risks and expected rewards.

Until next time,
Take care and have a profitable week ahead of you.

Davood Wadi.
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