This is the daily chart of GBPAUD.
We have a potential shark pattern completing.
Shark pattern has 3 PRZ zones to consider, usually we pick the one which the FIBO levels overlap more intimately.
These are the levels I will be watching closely in he next few days.
PRZ Zone 1.8630-1.8670
SL 1.8870
TP1 1.7980
TP2 1.7440
Remember, no reaction no trade.
If a PRZ fail to stop a market from going a certain direction, it only means that the bigger patterns are in play and the market no longer respect the PRZ zone you identified.
Good luck and good trading!
We have a potential shark pattern completing.
Shark pattern has 3 PRZ zones to consider, usually we pick the one which the FIBO levels overlap more intimately.
These are the levels I will be watching closely in he next few days.
PRZ Zone 1.8630-1.8670
SL 1.8870
TP1 1.7980
TP2 1.7440
Remember, no reaction no trade.
If a PRZ fail to stop a market from going a certain direction, it only means that the bigger patterns are in play and the market no longer respect the PRZ zone you identified.
Good luck and good trading!
Sometimes, the market can go past the PRZ for a few candles then close right below it.
The close below the PRZ is the trigger to enter.
Great end to the week. =150 pips and counting.
Will be taking some profits off a smaller crab pattern at 1.8425 if it reaches this level in the next few hours.