UPDATE #2: ANALYSIS: AUDUSD: Going Up....But For How Long?

Updating my last post on this pair (see Related Ideas: "UPDATE #1: ANALYSIS: AUDUSD: Going Up....But For How Long?"), prices had fell and filled this bat and are now rising accordingly. I have posted the TP1 and TP2 for this trade. As of the time of this posting, prices have not yet reached TP1 missing it by only 5 pips. But I believe more upside is to come and TP1 and TP2 should get hit.

Some of you may be questioning me about why I consider this bat to be still valid even though prices did exceed the X point of this pattern which should've invalidate it. Simple. In my book, prices must CLOSE beyond the invalidation point (point X in this case) of any pattern before I will consider them to be invalid. I don't know if this is a universal rule as it applies to harmonic pattern trading but it is the way I choose to apply the invalidation rule.

Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!

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2 years ago
Nice one!
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