AUDUSD Cypher Harmonic Pattern on the way to completion at good levels
This is my third post on the Aussie today! This is because after such big swings, Its great for quick scalps and also look for hints on where the market might be heading.
I've been able to capture two small pips scalps from my previous post, resulting a 25% gain on my account (higher risk trade than my usual setup)
Whats exciting for this setup of a Bearish Cypher Pattern is that its in the trend of both higher time frame and shorter time frame.
Shorter time frame (1hr) if you look on the previous 3 days, its been on a up trend. Creating new highs and higher lows, But yesterday you could see we have created new structure lows (lower lows) ,and another low today.
- Start of bearish trend
Another point is to indicate that at the completion of this pattern / PRZ zone its also at a good resistance area, as well as a Pivot (yesterday's)
- PRZ at Resistance area
- PRZ at Confluence of pivot / fib
So we have very good reason to take a short when price goes there
Word of caution
we have 3 US Data in around few hours, and later we have the FOMC.
we have 3 US Data in around few hours, and later we have the FOMC.
