AUDUSD has retraced a little from the lows of last week.
I expect it to retest 0.76.
0.76 is a great level that I am looking to go short.
This is the PRZ of a harmonic shark pattern.
Will be watching for nice pinbars and abnormal volume activity at this level before I go short.
Will be looking at 0.753 and 0.7420 for targets due to the bigger shark pattern in the h4 chart.
I expect it to retest 0.76.
0.76 is a great level that I am looking to go short.
This is the PRZ of a harmonic shark pattern.
Will be watching for nice pinbars and abnormal volume activity at this level before I go short.
Will be looking at 0.753 and 0.7420 for targets due to the bigger shark pattern in the h4 chart.
Order cancelled
This is the reason why you should never use a pending order for harmonic setups.Always WAIT FOR A REACTION.
In this case, avoided a loss, conserved capital and waiting for a better opportunity.
Will be looking for AUD shorts again probably next week.
Note
Will be watching this zone between 0.7628 - 0.7635 closely.
A great support turn resistance zone and a bearish butterfly completion right here.
Again, no pending orders, always wait for a reaction at this zone.
I will it to close weak after hitting the zone with abnormal vol.
Note
Abnormal volume activity sighted.
Will wait for a retest to the previous top and the distribution process to continue before shorting.
The trigger will be the break of the trendline.
It could happen next week.
Note
Next week, I will be eyeing the 0.7635 level for potential shorts.
If price breaks strong above this level, I will conclude that the trend has changed towards the upside.
if it failed to break above and closes weak, it will be a trend following ride towards 0.7420.
Watch the volume, it leaves clues.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.