2 days back, I outlined my strategy for trading Aussie, I was expecting a bounce if price breaks the down-sloping trendline.
it finally broke above the trendline last week and AUDUSD is now completing the C-D leg of the shark pattern.
PRZ1 is around 0.7030-0.7035.
PRZ2 is around 0.7060
Shark has multiple PRZs, the critical part is about when to execute the trade.
A simple trigger I use is to wait for a break of up-sloping trendline connecting the lows along C-D.
Once it breaks below this trendline, i will go short.
If RSI shows a divergence or a RSI bamm, this short trade will likely have a higher chance of success.
Stops has to go above XC 1.27, targets will be at CD 0.50 and 0.886.
Good luck and good trading everyone!