AUDUSD Long-Term Sell Setup forming!
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on DAILY: AUDUSD is sitting around a strong resistance zone in orange so we will be looking for sell setups on lower timeframes.
on H4: AUDUSD is forming a channel in blue so we are waiting for a new swing to form around it to consider it valid.
Trigger: Waiting for a momentum candle close below the gray area to sell.
and until the sell is activated, this one would be overall bullish and can still dive inside the orange zone before going down.
As price approaches our lower green support, we will be looking for buy setups. and if a buy setup is activated there, we will close our sell in profit and buy AUDUSD.
and if the price breaks the green zone downward, then we will keep holding our sell which will hit take profit, and we will be looking for buy setups as price approaches the lower blue support zone.
Good luck!
~Rich
on DAILY: AUDUSD is sitting around a strong resistance zone in orange so we will be looking for sell setups on lower timeframes.
on H4: AUDUSD is forming a channel in blue so we are waiting for a new swing to form around it to consider it valid.
Trigger: Waiting for a momentum candle close below the gray area to sell.
and until the sell is activated, this one would be overall bullish and can still dive inside the orange zone before going down.
As price approaches our lower green support, we will be looking for buy setups. and if a buy setup is activated there, we will close our sell in profit and buy AUDUSD.
and if the price breaks the green zone downward, then we will keep holding our sell which will hit take profit, and we will be looking for buy setups as price approaches the lower blue support zone.
Good luck!
~Rich