EURAUD - Bearish Bat Completion around 1.57
Updated
Last week, EURAUD has completed a bearish bat pattern around 1.57.
Harmonic Execution
The is a pattern to go short at the PRZ zone.
Right now price is at a low price and the risk to reward ratio is not fantastic.
Personally, I will wait for a pullback to the top the channel I drew for a better R:R trade.
I will only go short when price touches the top of the channel and turns down.
Execution will be at the close of the first red candle after the top of channel is touched.
Volume should be above average on this execution bar.
Volume Analysis for this pattern
At around the PRZ zone, I see the volume has picked up significantly.
For a big timeframe Harmonic pattern to complete and reverse, above average volume near the PRZ zone is required.
For this setup, my above requirements are all met, now is just waiting patiently for execution.
Harmonic Execution
The is a pattern to go short at the PRZ zone.
Right now price is at a low price and the risk to reward ratio is not fantastic.
Personally, I will wait for a pullback to the top the channel I drew for a better R:R trade.
I will only go short when price touches the top of the channel and turns down.
Execution will be at the close of the first red candle after the top of channel is touched.
Volume should be above average on this execution bar.
Volume Analysis for this pattern
At around the PRZ zone, I see the volume has picked up significantly.
For a big timeframe Harmonic pattern to complete and reverse, above average volume near the PRZ zone is required.
For this setup, my above requirements are all met, now is just waiting patiently for execution.
Note
Wait wait for the resistance of this channel to be tested first.
If there is a candlestick reversal with decent vol happening after it touches top of channel, I am likely to go short.
If it breaks up strongly with better than average vol, the uptrend will likely continue.
Note
Was not watching the market last night.
Missed a great zone to go short.
Will be patient and only go short when it is above 1.5750.
Note
Just went short after this ultra high volume bar completed on EURAUD.This level is also a shark pattern PRZ.
Win or lose, this will be a learning experience in my journey to trade well with my new system combining VSA and Harmonics.
Entry 1.5790
SL 1.5850
TP Open
Note
+100 pips since last night.This might feel uneasy for you, but this is exactly what the professional traders wants you to do. To buy in a ultra high volume breakout.
Because I learnt alot about these manipulation tactics from Tom William's book, I am able to take a high probability counter trend move which combines VSA with Harmonic patterns.
Congrats to any daredevils who went short together with me.
BTW, video ideas are now available on TV, this is a tool I will be making full use of to share about my trading system. Do check it out if you enjoy reading my posts.
Note
Price has broken above trendline.
Have decided to take profit for now as price is still likely to be ranging between 1.56 to 1.58.
+130 pips for this setup.
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