AUDUSD Reversal – UPDATE
In the last AUDUSD post, I talked about the foreshadowing of a potential reversal.
The image above is a 15 minute chart. The area highlighted in Yellow shows what happened after the last Idea was published through the end of the trading week.
As you can see reversal did indeed take place. Over the next 12 hours AUDUSD dropped a total of 50 pips. This shows you the power of harmonics and pitchforks. Notice how the price went to the bottom of the pitchfork, and then reversed again? Pitchforks are a great way to help you ID upcoming reversals, either short term or long term.