Get started
Australian Dollar/Canadian Dollar
Short

Short AUDCAD: Bat + Crab + Fib Cluster + Pivot

By glennmercer
Updated
AUDCAD is nearing the PRZ of two bearish harmonic patterns. The PRZ is confluent with resistance from a Fibonacci cluster (.618 and .786) formed by two structure highs and lows. To add to the bearish bias, there is a missed monthly pivot below price which coincides with .618CD. Entry is placed at the center of the PRZ with SL at 1.13XA (bat) and targets at the .382 retracement of the CD leg.

Confluence in the PRZ:
  • Bearish crab pattern completion
  • Bearish bat pattern completion
  • 3.382AB=CD
  • 3BC Projection
  • Fibonacci cluster
  • Missed December, 2015 pivot below price


Thanks for your continued support and don't forget to click the thumbs up button and follow for future updates and more trade ideas!
Trade active
Short active at 1.01028
382AB=CDAUDCADBatBearish BatBearish CrabbreaoutconfluenceCrabfibclusterPRZretestshort
glennmercer
Also on:

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.