Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.
on DAILY: Left Chart
AUDUSD is sitting around a strong support zone so we will be looking for buy setups on lower timeframes.
Unless that support is broken downward, then further movement downward would be expected.
on H4: Right Chart
AUDUSD is forming an inverse head and shoulders but it is not ready to go yet.
Trigger => For the bulls to take over, we need a momentum candle close above the gray neckline.
Meanwhile, until the bulls take over, we would still be bearish and AUDUSD can still break the support downward.
Which scenario do you think is more probable and why?
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
on DAILY: Left Chart
AUDUSD is sitting around a strong support zone so we will be looking for buy setups on lower timeframes.
Unless that support is broken downward, then further movement downward would be expected.
on H4: Right Chart
AUDUSD is forming an inverse head and shoulders but it is not ready to go yet.
Trigger => For the bulls to take over, we need a momentum candle close above the gray neckline.
Meanwhile, until the bulls take over, we would still be bearish and AUDUSD can still break the support downward.
Which scenario do you think is more probable and why?
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich