AUDCHF Bearish Shark Pattern and Short Opportunity
CHART TIMEFRAME: M30
PATTERN: Bearish Shark Pattern
PREDICTED PRICE ACTION: If the price makes H1 closing above 0.73300, we may see a bullish move. Bearish Shark Harmonic Pattern would be completed at D 0.73844. Possible retracement towards Fibonacci 38.20 and 61.80.
AREA OF ENTRY: 0.73740 – 0.73840
STOP LOSS: 0.74020
TAKE PROFIT 1: 0.73620
TAKE PROFIT 2: 0.73380
EXTENDED TARGET: 0.73040
NOTE: Wait for the price reaches the area of the entry. H1 Closing above 0.74020 would invalidate the setup.
Traders who want to try LONG before short may enter LONG H1 closing above 0.73300. Target will be our area of short entry 0.73740.
Close 50% of the positions at TP1 and move SL to entry level.
Keep your risk limited 1% of your account size.
DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money on.