AUDUSD: Watch this Potential Reversal Zone #FOREX

FX:AUDUSD   Australian Dollar / U.S. Dollar
1540 13 36
Two potential harmonic patterns could be completing at that potential reversal zone. A wider bat pattern and a minor butterfly pattern .

I will be watching that area to short the pair. I simple pin bar will be my confirmation for this trade. Stop loss should be above X of the bat pattern .

Will be updating with my precise trade if materialized.

Good luck...
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And of course, as I write this, the chart when for a final squeeze higher. Those stop hunts are really really nasty.

What's your view on stops, how tight do you make it when you open a position?

Great chart though. Thanks!
Technician idle_crane
Never trade on a harmonic pattern solely, In my opinion they are the less reliable in technical analysis. Thats why i haven't shorted without a good confirmation , saving me from losing.
-1 Reply
Technician Technician
Ofcourse this is my opinion and some harmonic traders may have a different view. I respect that.
-1 Reply
Casey_Yeo Technician
Agree mate. Still prefer structure based trade and pin bars. What's your thoughts about other candlestick reversal patterns?
-1 Reply
Technician Casey_Yeo
Generally, haven't seen any research on harmonics patterns performance, so i take them with a grain of salt. Totally put much more weight on classic technical analysis.
I mainly use famous candles such as the variation of hammer, hanging man, shooting star, engulfing,inverted hammer, high-wave candles..
-1 Reply
I didn't knew you do patterns to, interesting ;)
I love patterns. I had a great cypher pattern on NZDJPY 4 hr previous week. They really are profitable, only if you know how to trade them in a correct way. Anyways, as always totally agree with you on this. Thanks for sharing and hoping to join you in this trade. Enjoy your weekend :)
thx mate
-1 Reply
rv Technician
you welcome bro
Hi technician my idea
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