EURAUD - Shark Pattern Completes (Wait for this to short)

7 Eki 2017

This is an update to my EURAUD idea I posted a week ago.

Initially was looking for a retest of resistance to short, however I changed my mind and updated the idea to short much higher (See related link)

During NFP, the level I was looking out for was touched.

This setup is great due to the following reasons.

1. Exhaustion vol at PRZ
2. Pattern Completion

This is what I will be waiting for next week before I short this pair. One of both of these scenarios could happen.

1. Above average vol H4 candle which closes weak.
2. A retest of the 1.5120 level

Likely #1 can happen but if #2 happens before #1 happens, it will be a higher probability short.

EP: Close to 1.5100
SL: 1.5190 (90)
TP: 1.4810 (310)

9 Eki 2017

Not

No weakness upon a retest of the PRZ level.

A real breakout here, short trade aborted.

9 Eki 2017

Not

Price overshot the PRZ a little, however this pattern will still be valid if it turns somewhere close to current price. I will be watching this wedge breakdown to execute my short.

9 Eki 2017

İşlem aktif

entered short at 1.5120

SL 1.5160

TP 1.5050

10 Eki 2017

İşlem kapandı: durdurma seviyesi

Stop loss hit for this trade. -40 pips.

What I can learn from this is that once PRZ is really broken, it should turn soon.

You can see clearly that PRZ became support after the break above.

Will not repeat the same mistake again.