AUDUSD - Using MTFA to Combine a Powerful Strategy!

Hi Traders!
The market is in an Longterm Uptrend (based on mtfa) and in a midterm Raning Market.

Key Areas:

• Falling Wedge (1) - descending, completed
  
• Falling Wedge (2) - descending, in action
  
• Support Area @ {orange box}
  
• Resistance @ 0.69800
  
• Exponential Moving Average (200) - H4 Timeframe, strong supporting
  

Category:
- Trend-Continuation
- Wedge Pattern
- Multiple Timeframe Analysis

Description:
As you can see the market reached the Resistance at 0.69800 in the beginning.
After that it started to fall down in a wedge Pattern (Falling Wedge 1).

Then it recovered in the Support Area.
It got momentum and with this Price Action it reached the Top Again.
After that it falled again in the same Pattern: Wedge Pattern (2).

But why should it climb up again a third time?
Beside the facts, that the price reached the strong Support Area again and it is in a Wedge Pattern, we have two important factors too.
These important Factors can only be identified due the help of MTFA.

The Factors are:
The overall Uptrend. When you switch to the Daily Timeframe, you can see the Big Uptrend.
And the Trend is - well known to be - your friend!
It's true.

The second important factor is the 200EMA.
Here is a screenshot of what we mean:

You see, we combined the Daily and the H4 charts, to get the bird's view and combine it to a POWERFUL TRADING IDEA!
We recommend to trade the Break on a closed candle, to avoid False Breakouts!




Thanks and successful Trading :)!

Comment:

You want to see the RED BOX zoomed in? Here you are: