Daniel.B

Upcoming retest of yearly resistance

FX:AUDUSD   Australian Dollar/U.S. Dollar
286 7 7
Very cut and simple chart as usual lol. Um well what we have are some factors of confluence between the 50% Fibonacci resistance area along with the Daily 100 Moving Average acting as resistance in that area as well. We can very well be stuck within this range until the next RBA meeting. Anyhow, what I'm looking for is for bearish signals such as a daily doji, pinbar, tweezer tops, etc. to enter a short position again at resistance. As always this is only a potential trade setup as I like to identify potential setups days / weeks in advance before they manifest , it isn't a 100% trade that I'm looking for unless the guidelines for me entering a trade are met. Happy trading, cheers. =)
moneymaking
2 years ago
Hey daniel, looks good mate. I just wanted to ask one thing, do you think if could get a close above 0.7737 level (previous lower high), then we can get long and ride it up into the previous resistance?
+1 Reply
Daniel.B moneymaking
2 years ago
Yea looking at where the DXY is right now a close above the 0.7737 lvl is possible and you could go long up to resistance. For me personally I just take the more conservative approach and wait for it to reach resistance (I'm not that much of a counter trend trader lol) , thanks for the comment =)
+1 Reply
moneymaking Daniel.B
2 years ago
Great, thanks. I also just like to stay with trend as well, since it increases your chance of being profitable. But along the way I do take some counter-trend trades only if I get a strong conformation. Thanks for the setup and Good Luck !!
+1 Reply
Daniel.B moneymaking
2 years ago
Sure thing man no problem! =) Good luck
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Daniel.L
2 years ago
Good stuff fellow Daniel. LOL. Looking at the same exact level. Simple trading is so stress free and profitable. :D
+1 Reply
Daniel.B Daniel.L
2 years ago
Why thank you "fellow" Daniel lol. =D Good to hear we both have the same trade in mind, and yea bro its the type of trading that best suits me, stress free and simple, along with profitable =D lol
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What about a bat pattern that is almost at completion ? :)
I expect this pair to reverse upon completion of the pattern around 0.7890 - 0.7900 .... Would that suit your needs ? ;)
snapshot
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