There is an underneath nice Bullish bat on the 4 hour, and a bearish channel to trade on short term.
Here is how i picture it:
Short the AUD/USD with 15min and plan for a longer term entry as the downward channel leads
price to the Bullish Bat pattern. My trading on the channel is a vision that price gets overbought
on the high of the channel, coupled with RSI overbought or, a structure short level.
On the Bullish Bat, stop is below point X, and target is along 38.2% and 61.8% retracement from entry
D point back to C point.
Comment:
There is a structure resistance from 7920 to 7900. The channel was only part of a plan and also it didnt give me any short signal as the channel broke with buying momentum. Im more keen in trading this structure as the risk to reward is good. Today is jackson hole day so try to exit before that. Have a good fri to all!