AUDCAD: Fib confluence vs counterpin...
... or better a classic one.
A nice pin formed but its counter, against the trend.
A possible ABCD might be completed with equal legs, but might be extended to 1,618.
Fib confluence
Gann 3/1 connecting June 11 lows with previous and current highs
I'm short and a second position will open if this week's lows break.
Mind your position sizes, above all, its countertrend
My gut instinct telling me not to take it and be patient. But I did it. Classic.
A nice pin formed but its counter, against the trend.
A possible ABCD might be completed with equal legs, but might be extended to 1,618.
Fib confluence
Gann 3/1 connecting June 11 lows with previous and current highs
I'm short and a second position will open if this week's lows break.
Mind your position sizes, above all, its countertrend
My gut instinct telling me not to take it and be patient. But I did it. Classic.