AUD/CAD: Another harmonic pattern?
I kinda forgot about this pair for a couple of weeks which I now regret since we had several harmonic patterns which developed and did what they were supposed to do...
It all comes to the fact that we are in a consolidation phase I believe within a large triangle structure.
Now, at some stage this structure has to break but I'm hoping we get one more chance to trade a possible bearish bat, as drawn in pink on the chart.
2 typical trades are on the chart, SL above X of the bat and above the previous high and X of a previous smaller bat.
2 typical bat targets, a third and small part could be left open in case we get down to that lower trendline (if below curent target 2).
It all comes to the fact that we are in a consolidation phase I believe within a large triangle structure.
Now, at some stage this structure has to break but I'm hoping we get one more chance to trade a possible bearish bat, as drawn in pink on the chart.
2 typical trades are on the chart, SL above X of the bat and above the previous high and X of a previous smaller bat.
2 typical bat targets, a third and small part could be left open in case we get down to that lower trendline (if below curent target 2).
We never know of course, it's wait-and-see what happens next...