AUDUSD - Bearish Gartley & Butterfly Completed on H1 Chart
Slightly late when I spotted this, both patterns have completed and price has started to retrace.
PRZ for Gartley in light blue, PRZ for Butterfly (in Purple)
RSI is showing bearish divergence.
DO NOTE : Looking at CFTC FX Commitments of Traders released on 10 Feb 2017:
- AUD long 17K vs 12K long last week. Longs increase by 5K
- Australian dollar net longs start to creep up.
Not sure if there will be a weekend gap up tomorrow morning.
R:R if shorting in PRZ :
Gartley : 0.9 (TP1) & 1.7 (TP2)
Butterfly : 2.5 (TP1) & 4.3 (TP2)
It will be best to wait for price to head back up to PRZ first and observe again before shorting.
PRZ for Gartley in light blue, PRZ for Butterfly (in Purple)
RSI is showing bearish divergence.
DO NOTE : Looking at CFTC FX Commitments of Traders released on 10 Feb 2017:
- AUD long 17K vs 12K long last week. Longs increase by 5K
- Australian dollar net longs start to creep up.
Not sure if there will be a weekend gap up tomorrow morning.
R:R if shorting in PRZ :
Gartley : 0.9 (TP1) & 1.7 (TP2)
Butterfly : 2.5 (TP1) & 4.3 (TP2)
It will be best to wait for price to head back up to PRZ first and observe again before shorting.
Trade closed: target reached
TP1 and TP2 hit for both patterns! Cheers =)
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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.