GBPAUD Short: 3 Patterns Confluent w/ WW and TL Resistance

22 ott 2015

GBPAUD has been rejected at the PRZ of 3 bearish patterns: Alt. Bat, and 2 Bearish Crabs. A bullish engulfing candle suggests continued downward PA in the short term, and trendline resistance in addition to missed pivots below price may help to drag price down long term. On the D1 chart, a potential head and shoulders pattern is emerging. Targets are placed at the unhit weekly pivot and the head and shoulders neckline.

Confluence in the PRZ:

• Bearish alternate bat pattern completion
  
• Bearish crab pattern completion (2X)
  
• Unhit weekly pivot below price
  
• Trendline resistance
  
• Bearish engulfing 1Hr candle
  
• Potential H&S pattern
  
• Bearish Wolfe Wave
  

D1 H&S Pattern:


Thanks for viewing!

23 ott 2015

Trade chiuso: obiettivo raggiunto

T1 Achieved: +274 Pips, closed half and moved SL to B/E