Hey guys,
hope you all spend a good holiday time with your friends and family. As you know, Forex never (or almost never) sleeps. And here we are, January 2nd back to the chart.
Today i want to focus my attention on this situation on AUDUSD. My analysis start as usual from higher timeframe. In daily chart we can see we are testing a former support level that may be could give us a nice bounce (black line). In 4hr chart we have a double test of the 1,7160s failed. After this test price broke and closed above previous highs, signaling bullish bias. Price is also showing some RSI divergence between last lows.
For a clearer view i lowered another timeframe, and got to 1 hr chart. Here we can see a Cypher that's just completed, and an AB=CD pattern completing down to the structure level (with RSI oversold). That's seem good. But now i need a candle confirmation, if this candle will close above previuos open, then i'm going to buy the market. Stop 1 ATR below the low, first target at 1:1 RR, second target at the retest of the Cypher highs.
Let's see.
If you have any question or doubt, please comment below.
Otherwise, see you in the next chart!
hope you all spend a good holiday time with your friends and family. As you know, Forex never (or almost never) sleeps. And here we are, January 2nd back to the chart.
Today i want to focus my attention on this situation on AUDUSD. My analysis start as usual from higher timeframe. In daily chart we can see we are testing a former support level that may be could give us a nice bounce (black line). In 4hr chart we have a double test of the 1,7160s failed. After this test price broke and closed above previous highs, signaling bullish bias. Price is also showing some RSI divergence between last lows.
For a clearer view i lowered another timeframe, and got to 1 hr chart. Here we can see a Cypher that's just completed, and an AB=CD pattern completing down to the structure level (with RSI oversold). That's seem good. But now i need a candle confirmation, if this candle will close above previuos open, then i'm going to buy the market. Stop 1 ATR below the low, first target at 1:1 RR, second target at the retest of the Cypher highs.
Let's see.
If you have any question or doubt, please comment below.
Otherwise, see you in the next chart!
Trade active:
E: 0,7165
SL: 0,7154s
T1: 0,7198s
T2: 0,7240s
SL: 0,7154s
T1: 0,7198s
T2: 0,7240s
Comment:
Sorry, the correct entry point was 0,7176
Trade closed: target reached:
Gain with no pain! Keeping the second position open aiming to 0,7240s
Trade closed: target reached:
Second target hit! Roughly 100 pips in total
