Pattern formation for a sell. update from our last post moving entry towards pattern completion
We are seeing a breakout and a retest of previous dynamic resistance..we are in a bearish bias for a quick scalp
Our bias has now turned towards the upside targeting .382 1st Target and .618 for 2nd target to retest our trend breakout
Great structure trend setup continuing the movement up
Simple trend continuation using structure
We are looking for the low to low trend breakout to retest around the 0.618 levels for a potential short towards the 0.76200 support area
a simple breakout retest reversal expected on AU (SWING)
Simple structure trading using previous dynamic support.
To some the pattern is invalid due to ratios on the right wing. But upon observing our chart a rally is what we are looking for to complete our H/S Underlying trend is SHORT
Upon the process of rallying up to structure price formed a potential pattern that deems a good risk/reward Before entry always look for confluence in favor of your direction.
just simple structure trend trading. Going long for our pattern entry.
Small scalp against underlying trend. initial direction SHORT