I can see a short opportunity on Aussie.
As you can see the bigger trend is bearish.
In the last few weeks, the market gave us multiple confirmations, that this trend will continue.
1. Right now we have an ending of zigzag correction with 1 to 1 measure.
2. Additionally, on the last day of last year, the price hit 0.886 Fibonacci level(0.7035 area), which is giving us a Gartley's pattern.
(Personally I missed entry at this point.)
3. Last Thursday, price create a long, pin bar pattern and bounce back down. That resistance level was also 0.618 fibo retracement.
4. In the middle of December head and shoulders pattern start to forming and 0.685 are would be its neck.
In my opinion, the price will come back down to the level from the second of October, or even break it.
My Target is 0.67.
The stop of this setup would be if the price will go back higher to 0.695.
I'll try to jump in that trade, in two possible ways.
1. When a daily close will break the closest support and that is 0.685, which gives us a 150 pips movement.
Open: 0.685
TP: 0.67
SL: 0.695
R/R: 1,5:1
2.If Price would make a little pullback to last resistance 0.6915, which give us a 250 pips movement
Open: 0.6915
TP: 0.67
SL: 0.695
R/R: 4:1
I will update this idea during the week.
As you can see the bigger trend is bearish.
In the last few weeks, the market gave us multiple confirmations, that this trend will continue.
1. Right now we have an ending of zigzag correction with 1 to 1 measure.
2. Additionally, on the last day of last year, the price hit 0.886 Fibonacci level(0.7035 area), which is giving us a Gartley's pattern.
(Personally I missed entry at this point.)
3. Last Thursday, price create a long, pin bar pattern and bounce back down. That resistance level was also 0.618 fibo retracement.
4. In the middle of December head and shoulders pattern start to forming and 0.685 are would be its neck.
In my opinion, the price will come back down to the level from the second of October, or even break it.
My Target is 0.67.
The stop of this setup would be if the price will go back higher to 0.695.
I'll try to jump in that trade, in two possible ways.
1. When a daily close will break the closest support and that is 0.685, which gives us a 150 pips movement.
Open: 0.685
TP: 0.67
SL: 0.695
R/R: 1,5:1
2.If Price would make a little pullback to last resistance 0.6915, which give us a 250 pips movement
Open: 0.6915
TP: 0.67
SL: 0.695
R/R: 4:1
I will update this idea during the week.
Comment:
Correction
My Entry was 0.6873
My Entry was 0.6873
Comment:
I can see another one entry here on H1 time frame.
Price bounce back and form nice and long-tail pin bar, from local resistance.
Second-entry: 0.6853
TP: 0.67
SL: 0.69
Price bounce back and form nice and long-tail pin bar, from local resistance.
Second-entry: 0.6853
TP: 0.67
SL: 0.69
Comment:
Yesterday price break the local resistance and bounces back for daily close below this resistance.
Today price tested this resistance again and refused it.
Right now we’re going down.
Personally I made third entry after big H1 candle.
Third-entry: 0.68376
TP: 0.67
SL: 0.688
Today price tested this resistance again and refused it.
Right now we’re going down.
Personally I made third entry after big H1 candle.
Third-entry: 0.68376
TP: 0.67
SL: 0.688
Trade closed: target reached
For me, that is a confirmation of my idea.
I'm going short
Entry: 0.683
SL: 0.695
TP: 0.67