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AUDUSD Classical Reversal Pattern
We have seen a classic reveral chart pattern formed on AUDUSD this week. The
megaphone chart formation is a reversal pattern, which has occurred on AUDUSD 1
Hour Chart. It is a reliable reversal pattern with big profit potential. However in this
case the top line stayed flat, at which it acted as a strong resistance.
In this case we can see that market was facing strong resistance and failed to break
it. Finally it has fallen to lower trendline. When price bounces on this lower trendline
we can plot fib levels from see for significant reversal candles at one of the fib levels,
mostly at 38.2 & 50% level. Then we can consider going short with a stop above the
These patterns occur all the time in market, which gives a good risk to reward trad-
ing set up.
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