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glennmercer

Short AUDUSD: Wolfe Wave + 3 Patterns at Trendline Resistance

Short
Australian Dollar / U.S. Dollar (FX:AUDUSD)  
glennmercer Updated   
FX:AUDUSD   Australian Dollar / U.S. Dollar
AUDCAD Bat Bearish Bat Bearish Crab Crab Trend Lines PRZ confluence Wolfe Wave ww targetline
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audcad batpattern bearishbat bearishcrab crabpattern trendline prz confluence wolfewaves ww targetline
AUDUSD has entered the PRZ of 3 bearish harmonic patterns. The zone falls in the sell area of a bearish Wolfe Wave and is backed by strong resistance. SL is placed above bat completion. Targets are set at .382 and .618 retracements of CD.

Confluence in the PRZ:
  • Bearish bat pattern completion (2X)
  • Bearish crab pattern completion
  • Bearish Wolfe wave
  • Strong trendline resistance
  • 2.24BC projection
  • AB=CD pattern completion
  • 2.24BC projection
  • 1.618ab=cd

Trendline Resistance:
snapshot

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Comment:
Target 1 has been hit - I am leaving the entire position open and moving SL to B/E as I believe this has potential to run to the target line.
Trade closed: stop reached:
SL reached at break even +0 Pips

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