GBPAUD is in doubt, doubt means patterns. Any bull patterns?
In my previous post "Stophunters at the ready.." I was expecting a bullish bat formation. The breakout appeared to be false and the market was already pricing in another rate cut of the RBA. (see note 1 on the cart).
However, the RBA decided not to cut the rate recently. And sure enough, the market failed to continu its path to the north. (see note 2 on the chart). So if the market is in doubt to head further north, it should be consolidating. If it is consolidating, it could setup some nice harmonic patterns as long as the price does not violate point X and point A yet.
With that in mind a bullish bat pattern is still valid. And now with a distinct ABC has taken place, a completion of the gartley pattern line up very well with that same PRZ. So I've added another completion point to the PRZ. Now my PRZ is defined with the following:
a 0.236 retracement at 1.8694 (2013-03)
a 0.5 retracement at 1.8618 (2014-09)
a 0.618 retracement at 1.8685 (2014-11)
a 0.786 retracement at 1.8700 (2015-01)
a 0.886 retracement at 1.8532 (completion bull bat)
a 1.272 extension of move BC at 1.8500 of the gartley (completion of the gartley with Akil Stokes method. Not Carney's)
This gives me a zone of 200 pips. However, if i'm taking a shot to go long I would prefer the completion of the patterns as my entry point.
However, the RBA decided not to cut the rate recently. And sure enough, the market failed to continu its path to the north. (see note 2 on the chart). So if the market is in doubt to head further north, it should be consolidating. If it is consolidating, it could setup some nice harmonic patterns as long as the price does not violate point X and point A yet.
With that in mind a bullish bat pattern is still valid. And now with a distinct ABC has taken place, a completion of the gartley pattern line up very well with that same PRZ. So I've added another completion point to the PRZ. Now my PRZ is defined with the following:
a 0.236 retracement at 1.8694 (2013-03)
a 0.5 retracement at 1.8618 (2014-09)
a 0.618 retracement at 1.8685 (2014-11)
a 0.786 retracement at 1.8700 (2015-01)
a 0.886 retracement at 1.8532 (completion bull bat)
a 1.272 extension of move BC at 1.8500 of the gartley (completion of the gartley with Akil Stokes method. Not Carney's)
This gives me a zone of 200 pips. However, if i'm taking a shot to go long I would prefer the completion of the patterns as my entry point.
