Long term perspective.
Bandwidth on daily has risen sharply, weekly overall flat, but you can clearly see the increase in volatility from last week in price action. A good entry point would be to wait for more confirmation on weekly. You can see that one weekly bar only generates a small amount of increased volatility relative to past movements on Weekly. This market has obviously been in a strong Bear trend for few years, and in these scenarios patience is required for long term traders. A break of the next upcoming minor supports on daily and further strong bullish candles on Weekly will confirm a new trend.
Ideally .750 will break and the next level to watch will be .800-.820. (Please note all my Support and Resistance lines should be viewed as zones and not fine lines!)
I am long term trader and target trends, if this trend does not confirm or continue I will discard this trade. I find trading range bound markets to be far less profitable than trends.
Bandwidth on daily has risen sharply, weekly overall flat, but you can clearly see the increase in volatility from last week in price action. A good entry point would be to wait for more confirmation on weekly. You can see that one weekly bar only generates a small amount of increased volatility relative to past movements on Weekly. This market has obviously been in a strong Bear trend for few years, and in these scenarios patience is required for long term traders. A break of the next upcoming minor supports on daily and further strong bullish candles on Weekly will confirm a new trend.
Ideally .750 will break and the next level to watch will be .800-.820. (Please note all my Support and Resistance lines should be viewed as zones and not fine lines!)
I am long term trader and target trends, if this trend does not confirm or continue I will discard this trade. I find trading range bound markets to be far less profitable than trends.
Trade closed manually:
This has entered back into consolidation , I will remain aside until direction is established
Trade active
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AUD/USD LONG
Kevin_Lomax
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