AUD/USD: Cypher or bat, choose wisely...
2 Possible harmonic patterns could be forming.
The PRZ's are quite close to eachother so taking the bat might be the option with the least risk.
In that case pending orders on the bat may best be cancelled if we get a decent reaction (at least 1 target hit) on the Cypher.
I am taking a trade on the Cypher anyway with a very tight SL so my risk stays limited, if it doesn't work out then I will have my orders ready to go short off the bat with a wider SL.
I will take half the risk I usually take on a trade for each of these patterns so that my total risk for the whole setup will not be more than usual.
A bigger bat might be in play (see larger timeframe idea linked below) which might limit the downside potential of this possible setup so I will probably trail my SL to BE quite soon and take 70-80% at TP1 for each of the patterns.
The PRZ's are quite close to eachother so taking the bat might be the option with the least risk.
In that case pending orders on the bat may best be cancelled if we get a decent reaction (at least 1 target hit) on the Cypher.
I am taking a trade on the Cypher anyway with a very tight SL so my risk stays limited, if it doesn't work out then I will have my orders ready to go short off the bat with a wider SL.
I will take half the risk I usually take on a trade for each of these patterns so that my total risk for the whole setup will not be more than usual.
A bigger bat might be in play (see larger timeframe idea linked below) which might limit the downside potential of this possible setup so I will probably trail my SL to BE quite soon and take 70-80% at TP1 for each of the patterns.
Comment:
Orders cancelled, expecting a move higher up, see newer idea's.
