Do not trade based on my ideas. I am a novice trader and post these for your interest only.
Let's try this again AUDUSD. We're rapidly approaching point D of a shark formation.
-Point D here is the highest price where the formation is true - the formation still follows the rules of shark pattern all the way down to about ~.75 price.
-Point D here neatly coincides with a daily trendline with 2 points of contact only - my hope is it will touch this and ricochet
-There is a red line the daily price has broken below - this is a weekly trendline that AUDUSD previously broke above -- I am treating this move as a pullback and therefore would hope to see price close for the week above this line....but it is Friday so if it's going to do that it better get moving fast!
Let's try this again AUDUSD. We're rapidly approaching point D of a shark formation.
-Point D here is the highest price where the formation is true - the formation still follows the rules of shark pattern all the way down to about ~.75 price.
-Point D here neatly coincides with a daily trendline with 2 points of contact only - my hope is it will touch this and ricochet
-There is a red line the daily price has broken below - this is a weekly trendline that AUDUSD previously broke above -- I am treating this move as a pullback and therefore would hope to see price close for the week above this line....but it is Friday so if it's going to do that it better get moving fast!