Easy Orderblock Setup On AUD/USD - Wait For The Pull Back
Today is NFP Friday.
This means that prices can become extremely volatile today.
Trade at your own risk today. Be careful of extreme volatility when the markets open.
I am looking at AUD/USD on the 1-hour time frame. We have had a few Order blocks in the past few hours that have all hit nicely. However, I am focusing on the current most recent high as a point of entry.
I have highlighted the order block zone in yellow. I did this by putting a zone around the most recent bullish candle before the impulsive move downwards.
I am waiting for the price to retrace back into this yellow zone before opening up a possible short position targeting the 0.695 price level. There is a lot of interest at this level as we can see it has been treated as support and resistance.
I'm looking for a simple one-to-two risk to reward with this position.
Keep the setups simple and wait for opportunities to show themselves to you.
We have had a large drop in the 4-hour time frame which shows that we have potentially switched trends around for the time being. This is why I am looking for short opportunities.
This order block co-insides nicely with the above descending trend line connecting the three tops moving downwards.
I would like to see some strong bearish volume show up soon to help add confluence to this move downwards.
As we are waiting for a retrace back into the yellow order block zone, I do not want to see strong bullish volume. I'd rather it be weak bullish volume to help confirm that we are still moving downwards.
As today is NFP, anything can happen. Markets react differently to NFP so I would rather stay out of the markets today as there is always another opportunity.
However, I wanted to show you guys what I would be looking for.
I love trading order blocks. They are my primary strategy in the 4-hour time frame. I use them in conjunction with MA lines, the MACD, and volume. I always aim for a minimum of one to two risk to reward.
For those of you that aren’t used to trading them but would like to learn more about them, I suggest going through your charts and learning to spot them. Look for places on the chart where you can see a large impulsive move breaking previous support and resistance and then look for the most recent bullish or bearish candle before the impulsive move in the opposite direction. This would be your order block. Highlight that candle from top to bottom and drag out the zone and see if the price respected this zone by retracing back into it before continuing its move.
On that note, I wish you all a happy weekend.
I will be seeing you next week.
The Vortex Trader.
This means that prices can become extremely volatile today.
Trade at your own risk today. Be careful of extreme volatility when the markets open.
I am looking at AUD/USD on the 1-hour time frame. We have had a few Order blocks in the past few hours that have all hit nicely. However, I am focusing on the current most recent high as a point of entry.
I have highlighted the order block zone in yellow. I did this by putting a zone around the most recent bullish candle before the impulsive move downwards.
I am waiting for the price to retrace back into this yellow zone before opening up a possible short position targeting the 0.695 price level. There is a lot of interest at this level as we can see it has been treated as support and resistance.
I'm looking for a simple one-to-two risk to reward with this position.
Keep the setups simple and wait for opportunities to show themselves to you.
We have had a large drop in the 4-hour time frame which shows that we have potentially switched trends around for the time being. This is why I am looking for short opportunities.
This order block co-insides nicely with the above descending trend line connecting the three tops moving downwards.
I would like to see some strong bearish volume show up soon to help add confluence to this move downwards.
As we are waiting for a retrace back into the yellow order block zone, I do not want to see strong bullish volume. I'd rather it be weak bullish volume to help confirm that we are still moving downwards.
As today is NFP, anything can happen. Markets react differently to NFP so I would rather stay out of the markets today as there is always another opportunity.
However, I wanted to show you guys what I would be looking for.
I love trading order blocks. They are my primary strategy in the 4-hour time frame. I use them in conjunction with MA lines, the MACD, and volume. I always aim for a minimum of one to two risk to reward.
For those of you that aren’t used to trading them but would like to learn more about them, I suggest going through your charts and learning to spot them. Look for places on the chart where you can see a large impulsive move breaking previous support and resistance and then look for the most recent bullish or bearish candle before the impulsive move in the opposite direction. This would be your order block. Highlight that candle from top to bottom and drag out the zone and see if the price respected this zone by retracing back into it before continuing its move.
On that note, I wish you all a happy weekend.
I will be seeing you next week.
The Vortex Trader.