AUDCHF Bullish Shark Pattern and Trade Setup
Description of the pattern: AUDCHD broke the bullish trend line and entering a bearish trend. A bullish Shark pattern would be completed at D. Potential bullish correction opportunity.
Time Frame: H4
Trade Period: Intraday / Midterm
Estimated completion time: 2-18 H4 Candlestick
The trend in the Timeframe: Bearish
The trend in the Daily Chart: Neutral
Trade Based On Bullish Shark Pattern
The accuracy of the pattern: 86 %
Recommended Lot Size: 0.05 at 10K
The Area Of The Entry: 0.70700 – 0.70650
Stop Loss: Below X 0.70400
Target 1: 0.71100 / Reached
Target 2: 0.71400 / Reached
Note: As the nature of the Shark Patterns, if the retracement does not happen at 88.6% Fib, the next retracement level is 1.13 Extension. If the pattern does not work as predicted and stops out, the next long entry level is 0.70200 to recover the loss.
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DISCLAIMER: This is a technical analysis study, not advice or recommendation to invest money
AUDCHF: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility