AUDCAD WEEKLY - GARTLEY BAT ADVANCED HARMONIC PATTERN
Hi Traders, we have 2 potential opportunities here forming on AUDCAD - depending on your rules and how you have tested the BAT Pattern this is classed as valid because we don't touch the 61.8% - also depending on your R:R Profile be sure to make sure this meets your rules. You may look for signals in LTF for extra confirmation. I will be keeping a close eye on this level 0.94163
Things to consider in price action - RSI OS - or any other indicators you use for analysis - maybe a retest if we see price reversal on the structure levels, I have marked with green arrows.
1. We have the 78.6% Gartley Entry Zone and 127.2% Extension
2. We have some confluence with 141.4% Fib Ext in this zone
3. Also the lower entry has 88.6% Entry Level which is a break in previous structure but we may see a rejection at the level if price action falls down to that level.
4 161.8 Fib Inversion right at the 88.6% which also lines up with the 141.4% We see a lot of time when we have this confluence price reversal.
5. We also have even handle numbers 0.94000 0.93000 0.92000 in this zone
6. Structure support which we may still see it respect these levels.
7. AB=CD Just above the Entry Zone marked in pink lines.
8. With all of this we also have Advanced Pattern Completion
I will update this as we get closer to this area.
As always happy trading
Things to consider in price action - RSI OS - or any other indicators you use for analysis - maybe a retest if we see price reversal on the structure levels, I have marked with green arrows.
1. We have the 78.6% Gartley Entry Zone and 127.2% Extension
2. We have some confluence with 141.4% Fib Ext in this zone
3. Also the lower entry has 88.6% Entry Level which is a break in previous structure but we may see a rejection at the level if price action falls down to that level.
4 161.8 Fib Inversion right at the 88.6% which also lines up with the 141.4% We see a lot of time when we have this confluence price reversal.
5. We also have even handle numbers 0.94000 0.93000 0.92000 in this zone
6. Structure support which we may still see it respect these levels.
7. AB=CD Just above the Entry Zone marked in pink lines.
8. With all of this we also have Advanced Pattern Completion
I will update this as we get closer to this area.
As always happy trading
Comment:
For those who take trades during a trade, we have a potential shorting position here, BAT Entry 88.6%, AB=CD Completion, 1.618 Extension, Previous Structure, Even Number all within this Zone - the X leg is a very respected level. Obviously we want our TP1 Weekly hit first but as we know price can only do 2 things, trend or consolidate.
