Buy AUD/USD | Feb 13, 2020
Updated: Feb 20
The thrust with 7 bearish candles below 3-3 SMA makes a ground for trading Joe Dinapoli's directional patterns. AUD/USD closed above 3-3 SMA, then closed below it making a new low and then closed back above it again; which made a Double Repo pattern. In addition to this pattern, we have MACD/trend predictor that shows that the trend had already shifted bullish.
Classical target of Double Repo is 50% of total move down since beginning of thrust. But we are taking smaller target that is 30% of whole move down.
Risk: The setup will fail if D1/daily candle will close below 3-3 SMA again.