EURAUD - NICE BIG SHARK PATTERN

11 ago 2017

I got a call from a friend this morning, asking me to do my technical analysis on this pair I hardly trade. So this is what I got on a bigger picture(Daily Chart). I got a Shark Pattern Formation after I saw that the price tested the 50% fib retracement level & did a trend continuation & knocked the 161.8% Fib ext. So the light came when when I saw the price busting the A point and I knew something was forming. Due to my experience of working with harmonic patterns, the D point for Shark Pattern is either at 88.6% or 113%. there's still another chance on this one to go long. I am going to wait for the B point to be broken and look for the structure to go long. As soon as my D point is met and confirmed as my strong PRZ zone, I'll be looking for some sort of a double top formation and go short, therefore my TP 1 will be at 38.2% and TP 2 will be at 61.8% .

So Let see how this one plays out. after all, Trading is a patience game. :)