FX:AUDUSD   Australian Dollar/U.S. Dollar
368 21 11
W1 CLOSED WITH A STRONG W1 REVERSAL PATTERN ( BEAR TRAP / FAKEY FORMATION)
LET ME EXPLAIN WHY THIS PATTERN IS STRONG. USUALLY WHEN THERE IS A INSIDE BAR ON THE D1 W1. TRADERS WOULD TRADE THE BREAK OF THE INSIDE BAR OR THE MOTHER BAR (CONSERVATIVE).
LAST WEEK THE PRICE WENT BELOW THE INSIDE BAR , CAUSING SELL TRADES TO TRIGGER, FOLLOWED BY CLOSING ABOVE THE INSIDE BAR .
THESE BEARS THAT WERE TRAPPED WILL WANT TO MINIMISE THEIR LOSS AND CLOSE SOMEWHERE NEAR 0.7700 (OR UNTIL THEY GIVE UP).
THUS, ACCORDING TO THIS LOGIC OF MINE. THERE WILL BE LARGE AMOUNT OF BUY ORDERS AT 0.7700 - 0.7750.
THIS PATTERN OCCURRED ON THE W1. THE HIGHER THE TIMEFRAME THE MORE RELIABLE.

TRADE CANCELLED IF NOT TRIGGERED WITH 2 WEEKS.
TRADE CANCELLED IF PRICE REACHED NEAR 0.7900.
Looks like breaking out... But still too early to tell.
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I am seeing correlation between NZDUSD and EURUSD and GBPUSD.
NZDUSD selling off fast
EURUSD selling off not so fast, but still selling off and continuing its bearish trend.
GPBUSD closed at a new high and above 1.5000, could it be exhaustion (last desperate attempt to see new high)?

Thus, AUDUSD could face short term bearish momentum. IF H4 closes below 0.7650 we may have to reconsider our stand on this. But i am still believing in this M1 setup to work out. It is one of my highest probability trading setup.

Will look to scale in / enter long @ 0.7600 if prices manages to get there.
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Price is heading our way, be patient as this is a M1 trade. Potential is plenty. Can put SL to BE @ 0.7700 IF you want to be conservative. Aiming for the 0.7900 region.
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Haspy123 PriceActionTrading
hello price action..i just entered the market @0.7745 stop at .7700 i'm i too late for entry?
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I would say it is not optimal. Where are your stop? Market is too silent these few days, this trade may not work out.
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H4 SHOWING POSSIBLE PRICE ACTION ACTION TO ENTER LONG.
COULD ENTER LONG IF THE H4 BAR CLOSES LIKE THIS IN THE NEXT 10MIN

REJECTION OF THE H4 20SMA 50SMA 0.7700.
snapshot
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PriceActionTrading PriceActionTrading
*200SMA AND 50SMA AND 0.7700.
NOT TO MENTION D1 FAILED TO CLOSE BELOW 0.7700 LAST TRADING DAY ALTHOUGH IT WAS A BIG BEARISH CANDLE
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REACHING ENTRY POINT. TAKE NOTE.
HOWEVER I HAVE ENTERED AUDJPY DUE TO BETTER PRICE/ RISK REWARD. IDEA IS SAME AS IT IS STILL AUD PAIR.

snapshot
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AUDUSD Weekly
snapshot

Upper white line is a strong weekly resistance
Lower white line is a strong monthly support
Price is right at the middle of both lines

AUDUSD Daily
snapshot

Upper gray line is a daily resistance

AUDUSD 4H
snapshot

Upper gray line is the daily resistance from previous chart
Lower gray line is 4H support

Suggestions:
-Go long until weekly resistance if price is rejected by 4H support, place stop below 4H support
-Go long until weekly resistance if price breaks daily resistance, place stop below daily resistance
-Go short until weekly support if price is rejected by daily resistance, place stop above daily resistance

Any discussion is greatly appreciated :)
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crossmxn crossmxn
Weekly
snapshot


Daily
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4H
snapshot
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