We have a nice bearish AB=CD forming on the GBP/AUD pair, Intermediate Timeframe is 4H, Major is Daily and Minor is 1H. I expect this pattern to complete today or tomorrow. This AB=CD has an AB measurement of 0.393 which means the reciprocal ratio will be 2.618. This is the CD price leg. Once price confirms 2.618 ratio I will be looking to enter the trade...
Important numbers are mentioned on graph.
So we seen a test at the Fibonacci Level of 50% were waiting to see if it will reciprocate into 200.0 which is there reciprocal to each other, This will follow into the entrancement of a buy so you can TECHNICALLY SELL INTO the buy but i like it playing off a key support zone in the reciprocal of 200.0 which is where i marked in turquoise color we will wait and...
I expect price will respect this harmonic pattern on this pair. We see: - parallel channel - reciprocal ABCD (purple) - structure resistance - bearish divergence on macd - macd crossing moving averages Lets see what happens.
We all know the classic AB=CD but this reciprocal AB=CD is also a harmonic pattern. It usually forms within a channel. Right now we can see this textbook Reciprocal AB=CD pattern on AUDUSD-H1 chart. We have a potential short setup on D point. Trade with care!
Short in a few days
Hey guys, monitor EURGBP for a potential sell at $0.88. This is a shark pattern completion on the H4 timeframe. Pattern Identification Shark pattern to sell at 0.88 Trade Execution Monitor for pinbar, candlestick reversal at PRZ before execution. No reaction no trade. SL will go at 0.8840 TP will be at reciprocal ABCD completion at 0.8615. News event...