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!
Comment:
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.