just now -Price initially made a bearish move, formed a Lower Low (LL) that respected the 0.6500 area and created a double bottom.
- Price then made a huge bullish push, and broke above the previous Lower High (LH) and created a new higher or Higher High (HH).
- I am now expecting price to form a candle stick reversal pattern (double top) on a lower timeframe (1-4hr) and begin to sell off and test the previous high which will form a higher low (HL).
- I see price retracing near the 50.0 fib level confirming the change to bullish direction before making an other push to the upside.
- Also if you take a look at the DXY, you will notice that it appears it is ready to make a bullish push, which I also used as further confirmation, of the sell off (pullback) opportunity for AUDUSD
Trade active
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Entered Sell @ 0.68456
Trade closed manually
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Closed Trade and Took Profit @ 0.67645
Will now wait for price to create a candlestick reversal candle/pattern to go long.
Fantastic short setup. Your detailed breakdown offers a new perspective on potential market movements.
TheAnonymousBanker
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NoCeilingsTrading
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@TheAnonymousBanker, I agree, I'm now waiting for price to complete to find support/form a higher low so I can enter when it make it's next bullish push