Busy week continues, Retest of Rising Wedge, Long AUDUSD
Hi guys,
The busy week continues, I just put in a buy order on AUDUSD as shown on the chart. Price has broken out of a horizontal resistance/support zone aswell as a trendline which is part of a rising wedge, it has now rejected the top of the zone twice in the same day and decelerated.
I don't like the 50 EMA being in the way and getting rejected. I am also not satisfied with the lack of a deeper pullback. Significant MACD Divergence would've been great also. However this trade still has 5 confluence factors. Because I know my strike rate on those setups I know that I posses an edge over a great amount of trades. That is why it's crucial that I trade my plan regardless how I'm feeling about the trade.
Happy trading
The busy week continues, I just put in a buy order on AUDUSD as shown on the chart. Price has broken out of a horizontal resistance/support zone aswell as a trendline which is part of a rising wedge, it has now rejected the top of the zone twice in the same day and decelerated.
I don't like the 50 EMA being in the way and getting rejected. I am also not satisfied with the lack of a deeper pullback. Significant MACD Divergence would've been great also. However this trade still has 5 confluence factors. Because I know my strike rate on those setups I know that I posses an edge over a great amount of trades. That is why it's crucial that I trade my plan regardless how I'm feeling about the trade.
Happy trading
Trade active:
Entered yesterday live at:
Entry: 0.77569
Stop: 0.77113
Target:0.78795
Happy trading
Entry: 0.77569
Stop: 0.77113
Target:0.78795
Happy trading
Comment:
Massive Hightest today, indicating some seller pressure. My trade idea is still valid, none of the confluence factors have been invalidated yet. My stop will stay where it is.
Comment:
as of now we're just moving sideways, so nothing really too exciting.
I like my stop and will leave it there until the market tells me otherwise
I like my stop and will leave it there until the market tells me otherwise
Trade closed: stop reached:
Stop reached in tonights Asiasession!