AUD Weekly and 3-day pattern
Lower open and below the Weekly and Monthly 50% levels, with the expectation that price is trying to continue down into the February lows.
Not an easy trading day but if looking to short then it has to be the 5-day 50% level.
However, as pointed out in the book, whenever the 3-day filter drops below the 5-day 50% level, these days often result in an up move and higher close.
A higher close could see the AUD move back into the Weekly 50% level and Monday’s highs @ 6633 and stall.
But it could also see a move towards the 5-day highs, but that will only occur during US timezone.
In conclusion:- the trend is down and below the 5-day 50% level, therefore there is an expectation that prices should continue down.
However, as pointed out, if it’s above the 3-day filter during GMT trading then I’d watch to see if any higher prices occur with a breakout of .6633
Euro Weekly and 3-day pattern
There is no probability pattern on the Euro….
3-day filter random resistance.
5-day lows @ 1.2685 random support.
GBP Weekly & 3-day patternWeekly 50% level trend guide along with the 3-day filter as resistance.
Random support the 5-day lows @ 1.4042.
Keep in mind the position of the 3-day filter and the 5-day 50% level (below).
don't short trade above the 3-day filter.
