FullTimeTrader
Long

AUDUSD-potential inverse head and shoulders near 0.7000

FX:AUDUSD   Australian Dollar/U.S. Dollar
2341 13 39
Hello, this pair is making a nice retracement to the 0.7000 level.
After a long term downtrend price made its first higher high (convergence).
Yesterday after bad China news we had and ideal deep pullback near 0.7000
A potential inverse head and shoulders is forming.
Regards.
Great setup Sir... what would be affect of it on NZDUSD pair?
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Hello, i prefer not to trade the NZDUSD because price is inside an ugly spike, its difficult to find setups there.
+1 Reply
waqassab FullTimeTrader
right Sir
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FullTimeTrader, I identify with Very YOUR way to analyze the market , I believe to be quite efficient . Thank you for sharing.
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You are welcome, thanks to this community
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Hi Anil. Can you please explain your use of the word "convergence"? Thanks, and very much appreciate your analysis!
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Hello, convergence-divergence is a hole trading strategy. In very simple words: price always moves from convergence to divergence. If we can identify a valid convergence (like this) then we should switch to lower TF, in this case H4 to find a divergence (im not showing this). Usually price reaches the convergence level shown on this chart (0.7261). Regards.
+1 Reply
gud chart boss
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Nice. This is my plan for this. Waiting to go long.
AUDUSD A Nice setup forming.
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what about this long entry, it has to be buy at 0.70456 with sl and tp OR now set buy stop order for 0.70456? PLZ GUIDE
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Hi i'm a neebie so do I take it that this pair will be going back up at some point during today
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Great analysis.! I have already bought this market.. Good luck..!
snapshot
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FullTimeTrader Fxprotrader
Hello, i agree with your wave count. Regards.
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