AUDCAD - A beautiful series of 1-3-5 patterns

Updated

AUDCAD is producing a beautiful series of consecutive 1-3-5 patterns.
All with lower highs and lower lows.
1st set in Orange
2nd in Purple
3rd in Green
4th in Blue heading toward completion.
We are looking for a stunning reversal at the completion of Blue 5 (if price gets there).
Right now market has a fib ext of 2 so we can expect some short term buying perhaps but if this price drops below the last low (blue 3) we can staring looking for the LONG.

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Here it is on the Monthly.
Waiting to see if we get below the 0.5 of the whole swing and head toward the 618

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Market came to the double bottom and tried to go higher.
Those earlier buys are now getting washed out of the market.
We'll look to see how the market moves lower and establish the 5 point reversal.
Waiting for the LONG setup

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We found a reversal at the 1.618 creating the 5th point of our 4th consecutive 1-3-5 pattern.

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So we're in good profits.
Market has corrected to the 382.
We still think it'll test higher.

Trade closed: target reached

Ok we're halfway there and we've achieved a 1:5. Our SL is breakeven and we should be taking some money off the table. Perhaps we leave a bit in and try and ride the whole swing up and hit the 1:10. We have done well.

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Trade closed: target reached

Have a look at our trade now - over 20:1!
It's been a wonderful ride up - it's time to close and take susbstantial profits!!

enzenator

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