KamalFX

AUDUSD - Gartley Pattern Completion - I AM NOT TAKING THIS TRADE

FX:AUDUSD   Australian Dollar/U.S. Dollar
56 0 3
Here with a nice Gartley pattern completion on the Aussie

Reasons I am not taking this trade:

1. We have just broken out of quite a significant downward channel which started from below meaning that there is a high probability that this is a continuation pattern.
2. If you go over to the daily chart , in my opinion the AUDUSD             is currently bullish as we have started to see higher highs and higher lows.

Now, this trade could easily fall about 40 pips and reach my first target, because commonly after a breakout, price retraces back to the channel resistance or support and then continues in the same direction.
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