The indicator couldn't pick this one up because the D leg was too choppy, but I've been tracking this one manually for a couple of weeks. Most traders would ask why try to catch a falling knife. Well, I've always been a contrarian trader and probably always will be.
Anyways, here's the theory behind the madness.
1) AB=CD symmetry of length perfectly matches up with the 200FIB extension of BC
2) AB=CD candle symmetry is also very good
3) AB=CD completion also happens to be right at the 4x1 Gann fan level. Gann levels bring in the element of time which to me is very powerful.
4) AB=CD completion level is also about 20 pips from the completion of a Quasimodo pattern (sounds pretty fancy huh)
Anyways, the Aussie fundamentals of late have been less than desirable. Accordingly price has been under pressure for the last 6 weeks. However,I think this trade offers good risk reward value.
Sorry if the chart is a little cluttered. I wanted to show the entries, TPs, SLs, FIB and Gann fan
AUD/USD DAILY CWW
Anyways, here's the theory behind the madness.
1) AB=CD symmetry of length perfectly matches up with the 200FIB extension of BC
2) AB=CD candle symmetry is also very good
3) AB=CD completion also happens to be right at the 4x1 Gann fan level. Gann levels bring in the element of time which to me is very powerful.
4) AB=CD completion level is also about 20 pips from the completion of a Quasimodo pattern (sounds pretty fancy huh)
Anyways, the Aussie fundamentals of late have been less than desirable. Accordingly price has been under pressure for the last 6 weeks. However,I think this trade offers good risk reward value.
Sorry if the chart is a little cluttered. I wanted to show the entries, TPs, SLs, FIB and Gann fan
AUD/USD DAILY CWW
Pride always comes before destruction.... -Proverbs 16:18
DARWINEX ZERO All Time Return:
22.7%
1