Technician
Short

AUDNZD: An example of a high probability trade #forex #aud

FX:AUDNZD   Australian Dollar/New Zealand Dollar
A simple trade using a harmonic three drive and RSI . Entry for the trade has already gone. But it could be useful to point to the setups and conditions around it, because it provide a great example of combining high probability technicals to initiate a trade.

The price provided a great shorting opportunity after completing a three drives pattern around 1.0770 level. A long upper wick was formed at that level confirming a high chance reversal. Meantime, RSI Divergence supported the short scenario.

Also, If you take a look at the daily chart , you will see a clear rejection and long upper wicks candles for the past two days.

All my ideas are just my personal view. Trade Your own view.

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Would it happen with high probability in a long scenario with opposite directions of candle sticks and RSL? Thanks a lot.
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Technician TOP willzhang6
Sure, the exact opposite setup.
+1 Reply
willzhang6 Technician
Thanks!
+1 Reply
how do you determine the target levels in this situation
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Nearest major support levels.
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This post inspired me that trading should be simple. A simple and robust setup. Thank you!
+3 Reply
True. :)
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Thanks for the post Technician.
+1 Reply
Thanks
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thanks Technician,your analysis very useful and educational .
+1 Reply
You are welcome friend.
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How do you draw that pattern (1.4, 1.4) ? Thank you
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Using the three drives drawing tool.
+1 Reply
great simple trade ;-)
Daily is a clear bearish rejection...well done
+1 Reply
Thanks
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Chokran brother :)
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:)
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Nice, thanks a lot! I guess we can enter now also?

Best of luck! cheers
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I would avoid shorting now.
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KelvinSs Adrian88
yes you can triple h/s forming in H1. can try short @1.07x to 1.06
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Adrian88 Adrian88
Thanks for the reply guys,

I made a small pending order for 1.0755 with a 1.08 SL
I'm feeling lucky heheh
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Hi Technician, do you explain the 3 drive rule?
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sems like good entry now ..
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HI tech! Good setup as usual!
Just one thing: would have been better to place the SL little above the last high at 1.10775 ?
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hi Technician,
this is what i see in H4 charts.....numerous candles with wicks rejected from 2013 high @ 1.0728 lvl and infact it formed a double top and i see next support @ 1.0610-20 lvl which is May 16 low.

Thanks for sharing and this is only my thoughts
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