Potential AU Short
Based on some other analysis' that I have been observing here is my interpretation of AU. This analysis has been created from the weekly time-frame and I worked my way down to the 1H but ultimately I'm creating the idea off of the 4H. On the weekly I noticed price action struggling in around the minor quarter point at 0.75000. I labelled that with a weekly support/resistance zone. I suspect price eventually break through but may spend a couple of days in that zone. I color coded each of my FIB tools so you can see where I'm drawing everything from.
The green shows a Fib extension with the full extension completing right at a weekly S/R line which indicates to me that it lines with the market trend. I drew my green FE from the completion of the bearish cypher at rather than the previous high for reference. This would be a potential TP2 or TP3 area for me. On a more short term trade I was potentially looking to short off the 61.8 (Blue) at 0.75782 because it lines up with the full extension (Red). It also lines up with an ABCD pattern with the completion of the D leg being right at the 61.8/full extension. This give me enough reason for an entry.
My plan is to short at .75780 and have stops above the previous high at .76400;
TP1 at .75000; 78 pips; 2.86 Risk/Reward
TP2 at .74400; 138 pips 5.05 Risk/Reward
TP3 at .73289; 250 pips 9.12 Risk/Reward
You always have to analysis from the other perspective so if this were to not go how I plan, I would expect the price to retest the previous high in the 0.76321 area and then move on bearish as planned.
The green shows a Fib extension with the full extension completing right at a weekly S/R line which indicates to me that it lines with the market trend. I drew my green FE from the completion of the bearish cypher at rather than the previous high for reference. This would be a potential TP2 or TP3 area for me. On a more short term trade I was potentially looking to short off the 61.8 (Blue) at 0.75782 because it lines up with the full extension (Red). It also lines up with an ABCD pattern with the completion of the D leg being right at the 61.8/full extension. This give me enough reason for an entry.
My plan is to short at .75780 and have stops above the previous high at .76400;
TP1 at .75000; 78 pips; 2.86 Risk/Reward
TP2 at .74400; 138 pips 5.05 Risk/Reward
TP3 at .73289; 250 pips 9.12 Risk/Reward
You always have to analysis from the other perspective so if this were to not go how I plan, I would expect the price to retest the previous high in the 0.76321 area and then move on bearish as planned.
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