AUDUSD confluence will influence
We have an area of great confluence not far above current pricing. If we get there it may be a lower risk higher reward short trade.
weekly trend line, daily pattern, 4 hour pattern, 1 hour pattern. "e" wave of a 5 wave 4 hr pattern. 1.618 extension of 3 impulses.
Price could break down before we reach this level. I will look for a strong 4 hr candle to break the blue 4 hr trend line and a small correction to short to the green pattern line (dashed). *note if price action breaks the swing high at .7676 the green daily pattern line will become a daily trend line.
If price break the weekly trend line (orange) and gives a shallow pull back on the daily TF look for further up movement.
Watch the DXY as this will give guidance with this pair and gold.
Educate yourself, create a trade plan, validate your trade plan with other traders ideas. Own your trade good or bad.
This is a good community that helps everyone. Please give feedback and thumbs up if you like it. It helps us all
weekly trend line, daily pattern, 4 hour pattern, 1 hour pattern. "e" wave of a 5 wave 4 hr pattern. 1.618 extension of 3 impulses.
Price could break down before we reach this level. I will look for a strong 4 hr candle to break the blue 4 hr trend line and a small correction to short to the green pattern line (dashed). *note if price action breaks the swing high at .7676 the green daily pattern line will become a daily trend line.
If price break the weekly trend line (orange) and gives a shallow pull back on the daily TF look for further up movement.
Watch the DXY as this will give guidance with this pair and gold.
Educate yourself, create a trade plan, validate your trade plan with other traders ideas. Own your trade good or bad.
This is a good community that helps everyone. Please give feedback and thumbs up if you like it. It helps us all
Trade active
Trade closed: stop reached
