GBPAUD - Bearish Shark Completion around 1.71

FX:GBPAUD   British Pound / Australian Dollar
969 7
I see a bearish shark completing soon in GBPAUD .

There should be one more move up towards 1.71 before we even consider taking a short.

I hope to see a low volume breakout to the upside before reaching 1.71.

That will confirm the weakness before we go short.

The safest confirmation will be to see a mid/high volume , high spread candle closing on the lows after hitting the PRZ.

EP: 1.71 (Be patient for some reversal candles before entering short)
SL: 1.7250 (150 pips)
TP: 1.65 (Prior SNR zone)
Comment: 100 pips more before I will consider shorting this pair. Volume activity at the PRZ is very important. Will keep you guys posted.
Comment: We are right there at the PRZ. We need to wait for vol and candle confirmation before deciding whether to short this. No reaction no trade.
Comment: Nice turn at the PRZ. Awaiting for a retest back at the 1.71 level before shorting this pair. Already have 3 open positions currently on aussie, pound and eurjpy. Stay tune for next week!
Comment: Vol analysis helped me find a nice level for selling. Now a nice bat pattern is completing which could be the real turning point in GBPAUD.

Watch 1.7150 for reaction before going short.

SL 1.72
TP 1.68

Comment: We are right at the prz. Now we need a low to mid vol bar closing at the lows to enter.
Trade active: Just went short at 1.7115, right at the close of the candle. Stops are at 1.72, no target profit for now.

No need to panic as long as this downsloping ED channel is not broken.

Last week, there were a few pieces of good GBP news which failed to push GBPAUD higher.

With that, the path of least resistance is down and I expect GBPAUD to get closer to my targets around 1.68.
Comment: +250 pips for now.

1st TP will be at 1.68 which is about 70 pips away.

Will keep half my positions to swing for 1.65 which is another 300 pips away.

Those of you who followed me on this trade, congrats!
Comment: Will be closing all my positions when gbpaud reaches 1.68.

Contented with a 350pips profit.

40pips more to go.

Continue shorting, shark pattern hit top of ED channel before dropping again. This move could break 1.68. However, I might choose to TP before NFP tonight.
Trade closed: target reached: Tp of 1.68 reached. Those who followed should pocket at least 300 pips with me. Congrats!
Dear Terry. Congratulations for your Analysis. I want to ask you if it is possible to explain me the difference between a Cypher and Shark Pattern.
+1 Reply
@breste1965, The cypher is not a real harmonic pattern, ignore it and focus in the shark pattern. Give me your email and I will send a guide to you.
Master Terry where have you been? we were missing you so much.
@RuhailKhan, Master Terry went to find another master to upgrade myself. Attained a new level of wisdom which I will be sharing with my followers soon. My webinars and website will all be back real soon. Please be there when it happens!
RuhailKhan TerryHarmonicTrading
very nice plan mate
thank you for your education
have a great weekend
@jose, Don't mention. It's moving nicely now.
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