Get started
British Pound / Australian Dollar
Short

GBPAUD Short: 3 Patterns Confluent w/ WW and TL Resistance

By glennmercer
Updated
GBPAUD has been rejected at the PRZ of 3 bearish patterns: Alt. Bat, and 2 Bearish Crabs. A bullish engulfing candle suggests continued downward PA in the short term, and trendline resistance in addition to missed pivots below price may help to drag price down long term. On the D1 chart, a potential head and shoulders pattern is emerging. Targets are placed at the unhit weekly pivot and the head and shoulders neckline.

Confluence in the PRZ:
  • Bearish alternate bat pattern completion
  • Bearish crab pattern completion (2X)
  • Unhit weekly pivot below price
  • Trendline resistance
  • Bearish engulfing 1Hr candle
  • Potential H&S pattern
  • Bearish Wolfe Wave


D1 H&S Pattern:
snapshot

Thanks for viewing!
Trade closed: target reached
T1 Achieved: +274 Pips, closed half and moved SL to B/E
Bearish CrabconfluenceCrabGBPAUDglennmercermissedpivotmissedpivotspivotPRZSupport and ResistanceTrend LinesunhitpivotWeekly PivotsWolfe Waveww
glennmercer

Related publications

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.