krugman25

AUDUSD - Continued bullishness on the hourly time frames

Long
FX:AUDUSD   Australian Dollar / U.S. Dollar
Although today's price action didn't produce the convincingly bullish strength I was hoping we would see, it is still hanging on there. While on the daily charts there is a bearish pinbar , it has a few things going against it. For one it formed above a support line, which is hardly a bearish sign (and in some cases can actually be bullish ). Also you don't get the entire picture until you go to the smaller time frame charts. In the 2 hour charts you can see that there was actually a nice quality bullish pin bar that has some good things going for it: it is decently sized, it formed on very large volume , and it formed off of the important 0.382 and 0.5 fibo retracement levels as well as the very important 0.7500 critical price level.

I'm certainly not ready to stick a fork in this trade but will be prudently watching and managing my position.