Hello traders, here is my analysis of audusd 1h. I think we might be seeing a new trend forming and would love to hear your thoughts about my analysis.
MY ANALYSIS:
TREND STAGE I would consider it as matured it has been trading bearish for a long period of time and now seeing a break from that trend. 1d 1h
Possible 4rr on 1h
RISK CONSIDERATION Coming Tuesday is RBA Rate Decision and could create a high volatility
********* POSSIBLE TRADE SETUP CONSERVATIVE - wait for price to break above daily resistance (breakout point daily)
or
Aggressive - go lower time fram 15m to 30m look for fib entry 50% or 62% price must not trade below daily pivot
confluence - strong daily close - trading way above daily pivot as compared to previous price action where it is trading within range of of pivots - breakout above the descending trend
15M POSSIBLE AGGRESSIVE SETUP
POSSIBLE TRADE SETUP ON 15M SL OF AROUND 15PIPS FOR A 4RR OR A NEW TREND FOLLOWING SETUP
RISK HALF% AND SCALE IF IT BREAKS ABOVE DAILY BREAKOUT POINT
I THINK THE POSSIBLE REWARD IS WORTH TAKING THE RISK
Would love to hear your thoughts on the comment section below.
Thank u
Comment
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If no buying opporunities appear and market trades below daily pivot the idea is scrapped
Comment
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WELL MARKET traaded lower so we did not execute anything. we will wait for other setup. we can scrap this idea