After closing me previous EURAUD short, I have taken another position, but yet to post analysis (it may not be too late to enter!)
This pair is showing us a 3-drive pattern, where most would look to go long after the 3rd drive completion. However, as stated in the previous AUDUSD and Silver trades, we here at Six Figure Capital look to trade the third drive. Taking this into consideration, I looked for a second touch on the trend line with a retracement level of 0.618-0.786.
Within this reteacement wave we have a bearish bat . Albeit taken form the lower high of the impulse eave, however the 88.6% retracement where we look to enter also aligns perfectly with the channel!
Bat Ratios
B: 0.382-0.5
C: 0.382-0.886
D: 0.618.2.618
xD: 0.886
3-Drive ratios
Retracements: 0.618-0.786
Extensions: 1.272-1.618
This pair is showing us a 3-drive pattern, where most would look to go long after the 3rd drive completion. However, as stated in the previous AUDUSD and Silver trades, we here at Six Figure Capital look to trade the third drive. Taking this into consideration, I looked for a second touch on the trend line with a retracement level of 0.618-0.786.
Within this reteacement wave we have a bearish bat . Albeit taken form the lower high of the impulse eave, however the 88.6% retracement where we look to enter also aligns perfectly with the channel!
Bat Ratios
B: 0.382-0.5
C: 0.382-0.886
D: 0.618.2.618
xD: 0.886
3-Drive ratios
Retracements: 0.618-0.786
Extensions: 1.272-1.618
