FX:AUDNZD   Australian Dollar/New Zealand Dollar
As price action puts up Lower lows and Lower highs followed by lower low and another probably lower high, I am expecting the price to reverse and reach 1.06826. Price action reached the previous structure resistance followed by hidden Rsi divergence which gives an indication that it may thrust downwards.
Entry level: 1.07381
Stop loss : 1.07937
Target : 1.06826
Order cancelled: Because it opened above my stop loss :)
Hourly indeed looks like a short, but when I look at the last daily candle, I have my doubts, big downside rejection there. I will need more confirmation.
snapshot
+2 Reply
morshedul.sazid Nico.Muselle
Hey, Nico! Thank you for sharing the daily time frame chart.Would love to see the price hitting the lower trend line :P! Fingers crossed :D
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Nico.Muselle MOD morshedul.sazid
Serious gap up on the open this Sunday it seems ...
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morshedul.sazid Nico.Muselle
Hahah! Yes nico! and I was lucky enough to say aside! How am I going to take it if it opened above my Sl. Haha! :D
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hhh71 Nico.Muselle
Hi Nico,
confirmation is double top on daily at trend line . and double top on weekly .look @weekly double top canlesticks

Cheers
+1 Reply
Hi hhh71, for me personally that is not a confirmation as the gap between the weekly time frame and the hourly (on which this idea would be triggered) is way too high. If you look at the double top on the weekly and all price action that has happened above the close of those 2 candles, you'll understand what I mean.
Nevertheless, I'm not saying that it cannot go down from here, just saying that for me this is a trade I would not take as the daily and hourly charts contradict the direction. :)
+1 Reply
Great Analysis :)
+1 Reply
morshedul.sazid abrar.ahmed1408
Thank you mate!
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agree with you. but your stoplose is too wide. not necessary to open position with 1/1 risk and reward.
+1 Reply
morshedul.sazid PooyaSalehipour
If the strategy gives you 60% wins then its worth trading with 1:1.
+1 Reply
PooyaSalehipour morshedul.sazid
sorry it just an idea. i have ever follow you anytime.
+1 Reply
morshedul.sazid PooyaSalehipour
:)
+1 Reply
Musician morshedul.sazid
i think you are right on this time frame but the weekly is showing an inverted head and shoulders. I would be inclined to buy on the retracement to the daily trend line shown which would be the right shoulder. I think these patterns are very powerful on the higher timeframes
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lol that gap had to hurt :/
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