AUDUSD - Long (Bullish pennant)
Utilizing DOW theory to spot the trend and find out the best possible entry with candle stick patterns and chart patterns. And using projections with Fib levels for targets.
Looking at the 4hr timeframe , instrument is forming bullish trend (series of HH,HL). Confirmation of uptrend upon breaking first HH and there is a bullish pennant(break out confirmed) suggesting continuation of the trend. Using bullish pennant pattern target (0.729) and fib levels projections (0.382 ) we can expect to hit the target and stop loss a little below previous HL (0.65860).
Risk 2%
Reward/Risk : 2
Buy zone : 0.6783 - 0.6845
STOP Loss :0.65860
TP1: 0.703
Tp2 : 0.729
Looking at the 4hr timeframe , instrument is forming bullish trend (series of HH,HL). Confirmation of uptrend upon breaking first HH and there is a bullish pennant(break out confirmed) suggesting continuation of the trend. Using bullish pennant pattern target (0.729) and fib levels projections (0.382 ) we can expect to hit the target and stop loss a little below previous HL (0.65860).
Risk 2%
Reward/Risk : 2
Buy zone : 0.6783 - 0.6845
STOP Loss :0.65860
TP1: 0.703
Tp2 : 0.729
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