FX:AUDUSD   Australian Dollar / U.S. Dollar
A little too late for the post. But I'm fading the breakout with a shark886 pattern with my rules as a forward test.

UPDATE
Target 1 was hit at 0.7829. Stoploss has been set to breakeven
Right, a chart with 960 minutes doesn't play..
Reply
Target 1 was hit

snapshot
Reply
snapshot


After the 4H triangle breakout to the downside, this breakout appeared to be a bulltrap. Now the price has just tested the broken upward channel for the first time. This test happens to line up with a test of the midline of the Bollingerband (14). Sure you can say that this is a "natural" place to continue the downtrend. However, I believe that this initial test is just a minor obstacle in a bigger correction to the upside since the RSI is not showing any bearish divergence nor any sign of sold out to quickly compared to the price movement.
Reply
What confirmation will you need to see to know if this trade is working? Will you follow up on your trade on this chart?
Reply
I will follow up on this trade on this chart, because I'm currently testing my set of rules for an adjusted Shark pattern. I'm not sure what you mean by the confirmation I need. But If the price cannot find support above the 23.6 retracement at 0.7749 there is a chance this pattern may fail.
Reply
Hey Tim, now I'm pretty confident this trade will work out. The pair is now holding above the 23.6% retracement.
snapshot


After seeing a bullish RSI divergence in conjunction with a double bottom, I believe this pair is ready for a bigger correction.

It is too bad a post with 960 minutes won't work with the replay button.
Reply
United States
United Kingdom
India
Deutschland
France
España
Italia
Polska
Türkiye
Россия
Brasil
Indonesia
Malaysia
ประเทศไทย
Việt Nam
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out