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glennmercer

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

Short
British Pound / Australian Dollar (FX:GBPAUD)  
glennmercer Updated   
FX:GBPAUD   British Pound / Australian Dollar
confluence PRZ Crab Bearish Crab Wolfe Wave ww Trend Lines Support and Resistance GBPAUD glennmercer pivot missedpivot missedpivots Weekly Pivots unhitpivot
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confluence prz crabpattern bearishcrab wolfewaves ww trendline supportandresistance gbpaud glennmercer pivot missedpivot missedpivots weeklypivots unhitpivot
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

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