Looks like we might have an AB=CD buy pattern on the 4 hour for AUDUSD.
Using the Fibonacci Extension tool, I think the CD leg will complete at 1.217 giving us an entry point @ 0.8427. If the CD leg takes around as long as the AB leg to complete (17 bars) that puts this trade on the calendar at the end of Monday or the beginning of Tuesday, but time will tell!
Next, using the Fibonacci Retracement tool on the AB leg gives us our targets. First target is at the .618 retracement (0.8608) at which point our first stop would be 0.8385. Second Target (if you're trading two contracts) would be at the .786 retracement (0.8658) at which point you would move your stop up to break-even.
I'll be taking a look at the hourly to see if there's a smaller trade I can get in; if I find one I'll link it to this one.
Using the Fibonacci Extension tool, I think the CD leg will complete at 1.217 giving us an entry point @ 0.8427. If the CD leg takes around as long as the AB leg to complete (17 bars) that puts this trade on the calendar at the end of Monday or the beginning of Tuesday, but time will tell!
Next, using the Fibonacci Retracement tool on the AB leg gives us our targets. First target is at the .618 retracement (0.8608) at which point our first stop would be 0.8385. Second Target (if you're trading two contracts) would be at the .786 retracement (0.8658) at which point you would move your stop up to break-even.
I'll be taking a look at the hourly to see if there's a smaller trade I can get in; if I find one I'll link it to this one.