AUDUSD - Trading the GAP - 3-drives harmonic move.Reasons for entry :
- Bullish Gartley completion
- previous structure/support
- potential 3-drives harmonic move
- fibonacci cluster around week open
- Higher High, Higher Low indicating an uptrend on this time frame
- excellent RR > 6:1
The week on AUDUSD opened with a gap which is not visible on the TradingView charts. We already put in an AB=CD move which brought us to the top (B-point) of the Gartley pattern. We retraced back into previous resistance/support completing the bullish Gartley.
I'm looking for this structure to hold and a potential 3-drives move right into the week open, where we have a nice Fib cluster :
0.786 retracement of 0.7320 high and this week's low
1.272 this weeks low and most recent high
1.414 previous low and most recent high
and 1.618 of inverse extension of current low and most recent high.
Since we are putting in new HH and HL, for me chances are good that we will try to at least reach the border of that gap. This would present us with a nice Reward:Risk ration higher than 6:1
Option 2 : if current lows do not hold and we break below structure we have a potential bull Cypher pattern setting up.
Good trading and may the pips be with you !
