AUD/USD Bullish Shark
Updated
Greetings fellow traders, today we are analyzing the AUD/USD Daily chart, looking at a potential Bullish Shark Pattern.
The pattern is establishing the C to D leg, with two potential targets at 1) a risk to reward of 1:3, and 2) a risk to reward of 1:6. We have an upward trend which supports our bullish position.
The measurements for a shark pattern are detailed below:
B: N/A
C: 1.130 - 1.618
D: 1.618 - 2.240
X to D: 0.886 - 1.130
Will be looking to enter this trade with some additional confirmations once the pattern is completed.
Please share your thoughts!
The pattern is establishing the C to D leg, with two potential targets at 1) a risk to reward of 1:3, and 2) a risk to reward of 1:6. We have an upward trend which supports our bullish position.
The measurements for a shark pattern are detailed below:
B: N/A
C: 1.130 - 1.618
D: 1.618 - 2.240
X to D: 0.886 - 1.130
Will be looking to enter this trade with some additional confirmations once the pattern is completed.
Please share your thoughts!
Note
The set up is almost complete, but beware, we need a strong reversal pattern since the USD has been strong and the AUD has been weaker.
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