currency pair: AUD/USD
timeframes used: !hr, 4hr, 30min
Indicators: Price action
Analysis:
So in 4 hour chart it looks like the price is on its area of support and reversal might happen.... but i drew a trend line and showed a possible descending triangle
(tho it might be a false triangle and might reverse but the price will still respect the trendline untill it changes it direction.. im looking to sell and but if it shows a sign that it will go up)
... on 1 hour chart (showed above) the price is respecting its trendline so my position will be short after the candles reach the trendline...... i know there is no right or wrong analysis until the price has already made its move..... i just wanna know what infos i have missed......... so pls any thoughts?
In general. although it formed a descending triangle it might be a false signal and might go reverse..... But because the price is respecting the trend line i will open a short position everytime the candles is near or has touched the trendline i drew, I will enter my trade in 30 minutes timeframe... i wil go short until the price has break its trendline and it is showing some bullish signal.. then i will open for a long position
timeframes used: !hr, 4hr, 30min
Indicators: Price action
Analysis:
So in 4 hour chart it looks like the price is on its area of support and reversal might happen.... but i drew a trend line and showed a possible descending triangle
(tho it might be a false triangle and might reverse but the price will still respect the trendline untill it changes it direction.. im looking to sell and but if it shows a sign that it will go up)
... on 1 hour chart (showed above) the price is respecting its trendline so my position will be short after the candles reach the trendline...... i know there is no right or wrong analysis until the price has already made its move..... i just wanna know what infos i have missed......... so pls any thoughts?
In general. although it formed a descending triangle it might be a false signal and might go reverse..... But because the price is respecting the trend line i will open a short position everytime the candles is near or has touched the trendline i drew, I will enter my trade in 30 minutes timeframe... i wil go short until the price has break its trendline and it is showing some bullish signal.. then i will open for a long position