FX:AUDUSD   Australian Dollar / U.S. Dollar
490 7 17
Currently PA is testing the Kijun Resistance.
Over all, It has broken the Kijun Trend line with the bearish engulfing candle in D1 Time Frame and Kumo in the 4H indicates that future and Higher Time Frame Bears Ahead.
So does Aussie has to be shorted out (Furthermore they bring up the negative data in the important news). Please share your view.
To me, the long seems to be against the trend

Well the idea behind this trade setup is that it is a breakout trade on a higher timeframe that you would usually not see. The RR is great if you enter early and have a stop and reverse at the CS pivot. otherwise, it does not make sense.

If you missed that opportunity, a good plan would be to look for a short because all 3 TF are saying down. I would not sell that short except on a breakout of the lows since we could be switching from a trending to a ranging market. If that is confirmed, then our buy would succeed and a sell before the BO would be a bad deal

Good luck
Ichimoku_Trader Ichimoku_Trader
Note: now the guys below are saying up. If this has turned into a ranging market, it would be wise to follow them
christom christom
In addition to the above PA is at 0.382 retracement of the recent Downtrend. At 0.5 Retracement (0.7692) PA and Kumo is showing Strong Resistance. So I have shorted with the SL of 0.7709 (Just above the 0.5 Retracement)..
ok but I would have not shorted before the breakout. I'm thinking this could be a range that we are developing. I could be wrong

Good luck
good learning
I'm glad
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