Long AUDUSD: Wolfe, Bat, Trendline, Butterfly & Unhit Pivots Long

Australian Dollar/U.S. DollarFXCM

Description

⋅ Nov 10, 2015 12:52 AM

AUDUSD is nearing the PRZ of a cluster of bullish patterns. A large bullish bat contains a bullish butterfly in its D leg. In the PRZ of these two patterns, a bullish Wolfe wave setup has been completed. A D1 trendline sits at the base of the PRZ and may act as support when price reaches this area. To add to the bullish bias, two unhit pivots sit above price. SL is set below X of the large bat pattern. Targets are placed at the 382 and .618 retracements of the bat CD leg.

Confluence in the PRZ

Bullish bat pattern completion
2.24BC projection
2AB=CD
Bullish butterfly pattern completion
3.382BC projection
1.5AB=CD
Bullish Wolfe Wave setup
Strong D1 trendline support
Unhit daily and weekly pivots above price

D1 Trendline Support:

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Comment

⋅ Nov 10, 2015 3:15 PM

**Price has entered the potential reversal zone

Comments

Hiisham

⋅ Nov 11, 2015 8:32 PM

i have been already jump to this trade

glennmercer

⋅ Nov 11, 2015 8:52 PM

I am long already on my "scale in/scale out" account as well Hiisham. No problem, we might not see price enter the PRZ again anyway. Lets watch!

Hiisham

⋅ Nov 12, 2015 10:38 PM

ooh that's very niice feel happy ;) my first months without losing :)

Thanks you ;)

glennmercer

⋅ Nov 12, 2015 10:41 PM

Great news keep up the good work!

ccake28

⋅ Nov 11, 2015 1:20 AM

Hi. Are u long already?:)

glennmercer

⋅ Nov 11, 2015 6:16 PM

Hello - not yet, I'm waiting for a deeper move into the PRZ

Hiisham

⋅ Nov 10, 2015 1:06 AM

amazing chart :) Mrs,Glenn

glennmercer

⋅ Nov 10, 2015 10:37 AM

Thanks Hiisham!