Momentum is slowing on this up trend and the correlation of Aud to Au is very strong. As gold goes so goes the Oz. (see link below) The AO on the HTF is saying possibly one more up. There is a strong area of 4 hr and daily resistance around 77. I am not too keen to pull the trigger on a break of the purple 1 hr trend line as the bounce is suggested. If price rises enough to make the RR fit my trade plan I will look for a break and small bear flag to take price to the blue 4 hr trend line. Keeping a keen eye to see if we bounce or break. If price enters the trade area I have on the chart I will take the short.
The big money will be on the break out of the blue 4 hr trend line.
To see how I trade the breakout see link below
Educate yourself, create your own trade plan, validate your trades through other traders ideas. trade your plan and own your trades good or bad.
The big money will be on the break out of the blue 4 hr trend line.
To see how I trade the breakout see link below
Educate yourself, create your own trade plan, validate your trades through other traders ideas. trade your plan and own your trades good or bad.
Comment:
Price has given us a higher high with divergence. I would consider a short on a strong break of the 1 hr trend line.
Trade active:
Open .7592
SL .7661
1 st target 7520
Keeping an eye on this or a bounce or break of the 4 hr TL
SL .7661
1 st target 7520
Keeping an eye on this or a bounce or break of the 4 hr TL
Trade closed manually:
I don't like to carry trades over the weekend unless they are a long way from entry.
Comment:
I have reassessed the trade and what I see is a bit more down potential to the 4 hr area of support. Price is forming a wedge on the LTF which could go either way. The W-X-Y may add an X-Y. The slightly higher TF (A-B-C) could also add a couple legs and be a 5 wave pattern with this extended move up being the "E" leg.
So in a nutshell I will not re-enter the short here as the AO is suggesting another move up after a crossover.If price breaks the blue 4 hr trend line I will look to short after a small correction. If price travels up to my original idea I will look for a shorting signal there.
So in a nutshell I will not re-enter the short here as the AO is suggesting another move up after a crossover.If price breaks the blue 4 hr trend line I will look to short after a small correction. If price travels up to my original idea I will look for a shorting signal there.
Comment:
Comment:
I am closing my trades on this pair as I feel a correction or reversal is looming. I will be looking for longing opportunities as we reach a major support zone.
