H4 AUDUSD Short Term Shorting Opportunity
Long term analysis for AUDUSD is Uptrend in general.
However there are always opportunities to go LONG and SHORT based on different time frame considerations.
Found a nice Bearish Bat on H4 on this pair and it is completing soon at Point D (0.68690). Different approach to this trade (Stop loss as required):
1) Short at Point D but note that there are basing action prior to D completion. Aim for TP1 full exit or partial exit and set SL to breakeven to protect the position. Full exit at TP2.
2) Let the pattern complete at D, look for bearish candle and sell the pull back.
3) Do nothing and let the price play out since this Bat formation may fail which create a buy opportunity (a strategy that I had personally tested out numerous times)
Ultimately I am looking to buy at the area if Price gets there... so shorting it down is just an alternative for traders who are looking for more trade opportunities.
Do like and share this post. I use a combination of trading strategies such as Supply & Demand ( SND ), Harmonics Patterns, Multiple Time Frame Analysis , Candlestick Analysis to name a few. Follow me if my trading style suits you as I will be posting new trade ideas and analysis regularly.
However there are always opportunities to go LONG and SHORT based on different time frame considerations.
Found a nice Bearish Bat on H4 on this pair and it is completing soon at Point D (0.68690). Different approach to this trade (Stop loss as required):
1) Short at Point D but note that there are basing action prior to D completion. Aim for TP1 full exit or partial exit and set SL to breakeven to protect the position. Full exit at TP2.
2) Let the pattern complete at D, look for bearish candle and sell the pull back.
3) Do nothing and let the price play out since this Bat formation may fail which create a buy opportunity (a strategy that I had personally tested out numerous times)
Ultimately I am looking to buy at the area if Price gets there... so shorting it down is just an alternative for traders who are looking for more trade opportunities.
Do like and share this post. I use a combination of trading strategies such as Supply & Demand ( SND ), Harmonics Patterns, Multiple Time Frame Analysis , Candlestick Analysis to name a few. Follow me if my trading style suits you as I will be posting new trade ideas and analysis regularly.
Trade active:
Enter at Point D completion.
As this is a short term trade, I might be changing my bias to long when the right formation is seen. Let market tell you what to do, instead of sticking to your own stubborn views.
As this is a short term trade, I might be changing my bias to long when the right formation is seen. Let market tell you what to do, instead of sticking to your own stubborn views.
Comment:
Take note that while it is relatively easy to identify buy and sell entries using Technical Analysis, a big part is to recognize where are the "Smart Money" - what majority of the market players are doing.
Price hauled at Point D and trended sideways, it suggests to me that buyers and sellers are filling their orders. I will decide my next move depending on how Price leaves this area.
Price hauled at Point D and trended sideways, it suggests to me that buyers and sellers are filling their orders. I will decide my next move depending on how Price leaves this area.
Comment:
Looking good and holding this trade as plan to TP1 at least.
Comment:
Abit more guys to TP1. One might want to just shift Stop Loss to Breakeven since trading against the trend on larger timeframe.
Comment:
TP1 REACHED! The patience ones are rewarded! Congrats!
Comment:
Interestingly, there are 2 harmonic patterns that supported this trade setup. We have both the Bearish Bat and Bearish Deep Gartley, note that the Bearish Deep Gartley has a better entry price at Completion D :)
Both are correct, just that some days you see the just the Bearish Bat, some days you see the Gartley and of course some days you can see both!
Hope you love charting as much as I do ;p
Interestingly, there are 2 harmonic patterns that supported this trade setup. We have both the Bearish Bat and Bearish Deep Gartley, note that the Bearish Deep Gartley has a better entry price at Completion D :)
Both are correct, just that some days you see the just the Bearish Bat, some days you see the Gartley and of course some days you can see both!
Hope you love charting as much as I do ;p
Trade closed: stop reached:
Price went back to entry price, hence exited at breakeven, hence this trade is over... Let's look for other setups :)
Comment:
I am still keen to buy at the Blue box if price gets there.
Coincidentally NZDUSD has similar setup on the Short. Since AUD and NZD have similar economy, to me this is extra probability to go Short.
H4 Bearish Gartley on NZDUSD has completed its pattern.