AUDUSD LONG SETUP 14/05/2021
Weekly chart :
- We are clearly bullish on the weekly chart making higher highs and higher lows.
- We rejected a major supply and demand zone around the 0.76000 region.
- We don`t want to trade against the driver which in this case are the bulls.
Daily and 4H chart :
- We are are again making higher highs and higher lows on the daily chart.
- We are forming a bullish M pattern, i drew my fib from the last high to the previous low.
- We find a clear supply and demand zone at the 100 FIB around the 0.77000 region.
- We find a clear 4H reversal pattern which indicates more upside momentum, the inverse head and shoulders.
I took this position on Friday 14/05/2021 with a full 1% risk entry. I keep in mind that the DXY is still very weak and I strongly belief that the DXY will hit that 88.000 region in the near future.
My first take profit will be the daily take profit at 0.79400, second take profit at the daily -68 (0.80150) and my final take profit would be the weekly take profit at the weekly -27 (0.81200)
Weekly chart :
- We are clearly bullish on the weekly chart making higher highs and higher lows.
- We rejected a major supply and demand zone around the 0.76000 region.
- We don`t want to trade against the driver which in this case are the bulls.
Daily and 4H chart :
- We are are again making higher highs and higher lows on the daily chart.
- We are forming a bullish M pattern, i drew my fib from the last high to the previous low.
- We find a clear supply and demand zone at the 100 FIB around the 0.77000 region.
- We find a clear 4H reversal pattern which indicates more upside momentum, the inverse head and shoulders.
I took this position on Friday 14/05/2021 with a full 1% risk entry. I keep in mind that the DXY is still very weak and I strongly belief that the DXY will hit that 88.000 region in the near future.
My first take profit will be the daily take profit at 0.79400, second take profit at the daily -68 (0.80150) and my final take profit would be the weekly take profit at the weekly -27 (0.81200)