J_Graystone
Long

AUDSUD Bullish Fibonacci Inversion Trade

FX:AUDUSD   Australian Dollar/U.S. Dollar
635 3 12
A few opportunities have presented them self allowing me to get involved in a long position on this pair since we saw market put in the higher high, higher close.

The first was a Bull Bat formation on the 60 min time frame and yesterday, the bigger bat completed on the 240 min time frame (shown).

I thought I would share with you this structure based trade which is known as a Fibonacci Inversion trade.
We have previous structure support also lining up with Fibonacci confluence and an ABCD equal measured move.

We will be seeing if price action can get down to that zone during the live room this morning and looking for entry reasons.

Some of you may be waiting for RSI to go over sold, some of you may wait for a double bottom , some may want a Doji candle or some of you may just set your limit orders at the 1.618. Just depends how aggressive of a trader you are and what your trade plan says.

Anyway, see you in the room this morning at 8am British Time!

http://www.tradeempowered.co.uk/london-live-room


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+1 Reply
J_Graystone PRO Akil_Stokes
Sure is! The hard work is all done!
Reply
Just wondering if you have drawn the bat pattern wrong on the 240 as the B leg touches the 786?
+1 Reply
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