FX:GBPAUD   British Pound/Australian Dollar
39 1 0
11 months ago
comment later
11 months ago
Comment: So, the reversal is based on the "three drives pattern" descriped by technician

The Amazing Three Drives Pattern


So on the weekly there was a bearish move, the price pulled back and a second leg extended to the 1.27 Fibonacci extension. After the leg was completed the price pulled back and a third leg extended to 1.27 Fibonacci extension of the pullback

So what the theorie explains is that at 1.27 Fib. extension of the third leg, the price reverses. This is happening on the weekly right know.

If you go down a timeframe to the daily, the price broke upwards out of the downward channel.

The Stochastic RSI is oversold.

Lets patiently wait and see where this is going.
11 months ago
Trade active
11 months ago
Trade closed: target reached
bas70seven
11 months ago
 

I'm staying in this long trade. Price is pulling back now.
Reply
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