GBPAUD Broken and Retested: Flag, H&S, And Ascending Trendline
After reversing off of the .5 fib retracement, GBPAUD is giving us a nice opportunity to follow the trend further downward.
We have multiple confirmation signals including:
1) A broken and retested ascending trendline
2) A broken and retested Bear Flag
3) A broken and retested Head and Shoulders Pattern
We also have a potential AB=CD pattern with the D point converging with the 1.414 extension of the AB impulse leg.
First target will be the most recent support.
Second target will be the 1.272 extension of the AB impulse leg this area is quite a strong area to take profit because the 1.272 extension has nice confluence with the next level of structure
Third target will be the 1.414 extension of the AB impulse leg.
Final target will be the 1.618 extension of the AB impulse leg, a level which also shows strong confluence with structure.
Please Like, Comment, and Follow
Goodluck!
We have multiple confirmation signals including:
1) A broken and retested ascending trendline
2) A broken and retested Bear Flag
3) A broken and retested Head and Shoulders Pattern
We also have a potential AB=CD pattern with the D point converging with the 1.414 extension of the AB impulse leg.
First target will be the most recent support.
Second target will be the 1.272 extension of the AB impulse leg this area is quite a strong area to take profit because the 1.272 extension has nice confluence with the next level of structure
Third target will be the 1.414 extension of the AB impulse leg.
Final target will be the 1.618 extension of the AB impulse leg, a level which also shows strong confluence with structure.
Please Like, Comment, and Follow
Goodluck!
Comment:
Target 1 reached!!
Comment:
Target 2 and 3 Reached!
Trade closed: target reached
