It has been a while since I have taken a look into the H1 TF charts. Lo and behold, I have found a possible short position for AUDUSD .
- in 1HR TF, price is below both 200 and 50 showing downtrend. This is also confirmed in the Daily and Monthly TF.
- There is a possible forming with the D leg yet to be completed.
- Strong resistance at 0.73600.
Short trade once candle closes below 0.73600. SL will be at 0.73806 and TP at 0.73356 (conservative) or 0.73263 (slightly aggressive).
Happy trading everyone.
These are just my personal trading ideas and should not constitute as trading recommendation or advice for anyone.
Does it increase my winning %? I strongly believe that D1 and MN trend dominates all. Therefore, I use patters only as a confluence to strengthen my conviction to enter a trade. I dont base my trade solely on harmonic patterns. If you look at the overall scheme of things, yes harmonic patterns do help to increase my winning % ONLY IF it helps to strengthen the confluence.
I hope this is insightful for you and happy trading.
But as you say, it's just my opinion. Thanks for the clarification. Good luck in your trading! Oh, BTW...I do agree about the crab pattern showing that the downtrend is not over just yet. But with the wicks!