IvanLabrie
Long

AUDUSD: Monthly range expansions show sellers get trapped higher

OANDA:AUDUSD   Australian Dollar/U.S. Dollar
Looking at monthly ranges, we see that months with sharp selloffs, that surpass the previous true range, as measured from the open to the low, have been causing sellers to get trapped at increasingly higher prices. This is bullish and shows accumulation, and shakeouts taking place. The monthly chart shows a mode near the highs, and now we're testing support at the bottom of the monthly range, so we have a great opportunity on the long side, after the market got extremely one sided.

Sellers might get trapped here again, this time higher than the previous range expansion months, which is bullish overall. Daily and weekly RgMov readings are bullish , and we have massive lag relative to copper             and iron ore, which eventually will play out, so I remain bullish .
The entry to add to longs is described in my 4h chart, see related ideas for more information.
Keep these levels in mind, once above, they act as support on a retest.

Good luck,

Ivan Labrie.
Comment:
snapshot
Comment: Once we go above 0.74603, November sellers will be trapped. Right now, it seems highly probable, let's wait.
Comment:
snapshot

Looks quite good so far, holding longs in profit.
Comment: Trailed stops to 0.7472 and doubled up again. I had added near today's low too, doubling my long and trailing stops to 0.74048 first. (a signal my clients received).
Trade closed manually: Trailed out in profit. We can reenter but it's not ideal.

snapshot


Alternatively, we can wait for an oversold dip to buy back in.
Trade active: I bought back in near today's open.
Comment: 0.75-0.76 is in the cards.
How do you pull up that red and green wave. I want to use it to make my waves as well. Looks like it will work better for me.?
Reply
Once it goes back through the mid-point, that is exactly the conclusion to come to: That sellers are trapped at those low levels. Excellent graph.
+1 Reply
@timwest, thanks Tim, it's very clear, probably due to the correlation with SPY and other 'risk on' assets.
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