Fxprotrader
Short

AUDUSD Sell Opportunity Ahead

FX:AUDUSD   Australian Dollar / U.S. Dollar
In my previous post on AUDUSD             i described a reversed head & shoulders pattern which worked wonders giving us more than 300pips (link below). We now have a potential reversal and that's why i exited the H&S trade. Price is in a consolidation moving into a rising channel with MACD showing a bearish divergence.

We might have some more ups and down in this channel but what we should watch for is a breakout below the lower bond. We should then watch for a sell setup to form and go short with AUDUSD             .
Comment: Although a little early we might have a head and shoulders pattern at that level.. Still a sell setup..!
Comment: Price broke below the lower parallel. Watch for a sell setup to complete
Comment: Channels are great wave patterns to trade. This one worked very well..
I'll short on the break of the support on the 1H TF(0.7419).
Thanks!
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Good luck..!
+1 Reply
Yassine Fxprotrader
Thanks! May I ask where did you learn trading chart pattern formations?
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Believe or not i learned trading the markets on my own. I have done tons of research, test several systems, but this process is the one gave the best results.. But to be honest i wish i had a mentor at the begining of my journey.. Have a nice trading week..!
+1 Reply
I'm already long this pair, looking for a retracement to add later.
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mustard mustard
My daily chart.

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Nice analysis..!
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Should we wait for some momentum to develop??
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Fxprotrader IshanTripathi
It's clear that it broke below.. You now have to watch for a sell signal depending your strategy..!
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Same view :)
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