GBP/AUD LONGTERM: Bearish 3 drives ending near bat completion?!
Taking a closer look at this pair..., see linked idea.
Looking at other options and/or possible further unravelling of the longterm situation.
Mind the timeframe!!, (Very) longterm!!
Anyway, this is a potential roadmap to base my further trades on and a variation on the other idea I posted before.
Bat and butterfly patterns in the back are very premature (wishful thinking...) and are there only for reference and to keep in mind for possible future targets.
The point where we are now (or better where we were when PA peaked in August) is right at a crucial fib level (50% and 61.8% depending on where you start the move) and the ending of an AB=CD harmonic pattern (see my previous post). We are seeing some resistance at this level and if this holds we could be looking at the start of a considerable retracement to a lower SR zone (based on previous structure and fibonacci). If we don't get below 2.0000 we might continue the next big move up towards the 2.5-2.6 levels and completion of 2 patterns: a bearish 3 drives pattern and a possible completion of a bat pattern (pink)!!
If we go down from here and get below the 2.0000 level (probably not this year) I will be looking to go short, hoping to get to a possible C leg of the big yellow bat pattern (I know it's soon).
I have put some trades on the chart for reference but please note I am not taking these trades!! I will only use this chart as a possible personal roadmap giving global directions and will enter trades only on shorter timeframes in this global direction, as long as PA does not invalidate it!!
I am currently short from 2.2000 based on another pattern posted by another member:
Looking at other options and/or possible further unravelling of the longterm situation.
Mind the timeframe!!, (Very) longterm!!
Anyway, this is a potential roadmap to base my further trades on and a variation on the other idea I posted before.
Bat and butterfly patterns in the back are very premature (wishful thinking...) and are there only for reference and to keep in mind for possible future targets.
The point where we are now (or better where we were when PA peaked in August) is right at a crucial fib level (50% and 61.8% depending on where you start the move) and the ending of an AB=CD harmonic pattern (see my previous post). We are seeing some resistance at this level and if this holds we could be looking at the start of a considerable retracement to a lower SR zone (based on previous structure and fibonacci). If we don't get below 2.0000 we might continue the next big move up towards the 2.5-2.6 levels and completion of 2 patterns: a bearish 3 drives pattern and a possible completion of a bat pattern (pink)!!
If we go down from here and get below the 2.0000 level (probably not this year) I will be looking to go short, hoping to get to a possible C leg of the big yellow bat pattern (I know it's soon).
I have put some trades on the chart for reference but please note I am not taking these trades!! I will only use this chart as a possible personal roadmap giving global directions and will enter trades only on shorter timeframes in this global direction, as long as PA does not invalidate it!!
I am currently short from 2.2000 based on another pattern posted by another member:
