TrilogyAnalysis

8.22.17 | AUDUSD | Possible Pennant Continuation

FX:AUDUSD   Australian Dollar / U.S. Dollar
| AUDUSD |
(Code-Name_Virtue)
Price is trading on a primary bullish uptrend. Currently it is trading the closest to the Primary trend than it has in the past year or more. Within this consolidation price has conformed to a Fibonacci Channel and currently is in the process of breaking out of it's previous range. An overall target is set at $0.81131 which is the next major resistance line in the Fibonacci Channel for price to re-test. This would be considered a long setup trading the secondary trend wave, possibly taking a month or more to play out. Focusing on the minor trend, price is trading in an upward moving channel and has possibly formed a Pennant continuation pattern suggesting a bullish breakout. To confirm a Bullish or Bearish Breakout of this consolidation range I have drawn a blue box and labeled it "range", price trading on either side of this Range Box will indicate which direction it is going to continue in. There are also other drawings on the price chart including Support+Resistance, a Demand Zone Box where Price has responded with a lot of Bullish Pressure, and two Price+Time boxes to map out the potential trading range of a bullish or bearish breakout. Currently Price is trading at support which suggests that price will reverse bullish and breakout within the next two days.

(Keymaker)
Entry, O.C.O. Limit order set at both sides of the Range Box and
Exit, at the range of the permitting Price+Time box, or when your comfortable.
Stop, use the average Daily Volatility . The current value of the ATR is .0068 if you would like to add more room or use that instead.
Comment: O.C.O. Long @ $.79628 / Short @ $.78750
Comment: Use trigger orders to setup your limit orders on each side of the Range Box.
Comment: Meaning use a Trigger condition in place of the Limit condition and pair it in an O.C.O. bracket.
Comment:

Comments

Great analysis, thx for sharing it
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TrilogyAnalysis OmarNAMOUCHI
@OmarNAMOUCHI, Thank You. Your welcome, I am glad you Appreciate it.
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TrilogyAnalysis OmarNAMOUCHI
@OmarNAMOUCHI, I have just updated the entry, see the "Comments" for further instruction if you would like.
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