Mikoxl.
Long

Bullish Shark pattern completion at the retest of 2.0048

FX:GBPAUD   British Pound/Australian Dollar
142 7 3
Overextended with a 1.113 extension
After the final breakout, the pair tried to extend even further. However, this extension did not hit the 2.0705. This tells me that this pair is done extending for now.

Retracement/Correction
Therefore I shorted this market from 2.0504 hoping for a retest of the psychological level 2.000.

Trade setup
long: 2.0048
stoploss: 1.9969
target 1: 2.0285 (risk/reward 1:1.5)
target 2: 2.0431 (risk/reward 1:2.42)
target 3: just let it run ;-)

Trade setup plan B
If for some reason my stops got triggered, I will re-enter long with the alternate shark pattern.
Hi Miko, what do you think of this other Shark?

snapshot


It matches my own targets, obtained using a different methodology.
I think we might see rising wedges soon, in both gbpaud and gbpnzd.
Can be expanding instead of contracting wedges, but that'd be rarer.
Reply
Mikoxl. PRO IvanLabrie
I find this one more difficult to see, but all the retracements and extensions does meet my rules. The completion point of this alternate version does line up with the 50% retracement. But I'm not sure about this one. The 50% retracement had little resistance/support in the past. I think how it reacts to that 50% level at 2.3314.

snapshot
+1 Reply
** I think how it reacts to that 50% level at 2.3314. ** I meant: it depends on that 50% level..
+1 Reply
Nice spot btw :D
+1 Reply
I think the level looks interesting because it's a very frequent price, or fair value.
Looks overextended too.
I'll monitor for a short, same as gbpaud.
Have to be patient. :)
Reply
Scaled in short at 2.0430

snapshot
Reply
Great stuff...Shark seems to be very reliable.
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