AUD/USD: Bearish target 2 still possible! Bullish bat below!?
It's still possible that we will reach TP2 on the bearish pattern in blue around 0.7105.
I am currently short from 0.7320 so I will surely let it ride in case we reach that level.
We currently see some support around 0.7236 and several consolidation patterns can be drawn depending on the timeframe used (I drew a triangle like pattern but one can also draw a wedge or other possible consolidation patterns and trendlines).
If we ever get to completion of the bat we could see a reversal from that bullish pattern, this could coincide with a test of the lower trendline and of course the 0.7000 round level could act as support too...
I'm basing 2 trades on the bat with the usual TP's, and 1 with target at the above trendline (not fixed).
My SL will be below the A point of the Gartley since this is too close to X of the bat imo to not take it into consideration... But depending on one's preference a tighter SL can be considered (3 possible levels on chart)...
The blue arrows represent my personal view on what could possibly develop, the red arrows depict some of the many possible alternatives.
I am currently short from 0.7320 so I will surely let it ride in case we reach that level.
We currently see some support around 0.7236 and several consolidation patterns can be drawn depending on the timeframe used (I drew a triangle like pattern but one can also draw a wedge or other possible consolidation patterns and trendlines).
If we ever get to completion of the bat we could see a reversal from that bullish pattern, this could coincide with a test of the lower trendline and of course the 0.7000 round level could act as support too...
I'm basing 2 trades on the bat with the usual TP's, and 1 with target at the above trendline (not fixed).
My SL will be below the A point of the Gartley since this is too close to X of the bat imo to not take it into consideration... But depending on one's preference a tighter SL can be considered (3 possible levels on chart)...
The blue arrows represent my personal view on what could possibly develop, the red arrows depict some of the many possible alternatives.
Trade closed manually:
Missed my entry on the bat, previous pattern worked great.
