Potential bull bat on AUDUSD

FX:AUDUSD   Australian Dollar / U.S. Dollar
51 7 1
I'm keeping an eye on this one
Interesting.. Why do you pull the Fibs the way you do?
Fahad_88 themarketzone
What way is that, sir?
You pull it from the C point to the potential D point.
Fahad_88 themarketzone
I measure targets based on the last leg of the move. I find it to be a more conservative approach. I could be wrong, but it works for me.
Ohh.. it is for potential targets in case that the pattern will complete? OK
themarketzone PRO themarketzone
Couple of things: Now that I've checked the pattern, the B point failed to reach the 50% so it isn't the most accurate pattern (still can work!)
Regarding the target levels - Though I understand your conservative approach, if you pull the Fib tool from the top you'll get much more accuracy with structure levels.
Just my 2 cents..
Good luck
Fahad_88 themarketzone
Many thanks for your observation. I've always traded targets based on the last leg of the move, but I see your approach gives a more attractive RvR. Will try it your way in the future!
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