Looking at the AUD vs USD on the H4 we have a KBO to the downside. I am using the Ichimoku Sub as taught in the video but we still have all bearish signals as we have a bearish TK Sub Crossover. Our future is dark, Chikou is below the price action of 26 periods ago and mainly price is below the Kumo. I am placing my SL at .79460 two pips above the high of the previous candle. If price wants to continue lower it will break previous lows but if price wants to move higher it will start breaking previous highs. We like to see the W % R in the oversold position of -80 or lower to enter the market because this shows selling pressure which also is momentum. Most traders look at oversold meaning that the pair is due for a reversal at this level but in reality we are entering into strength rather than buying weakness into the strength of a downtrend.
The daily time frame is bullish with price above the Kumo and trying to find support at the Kijun but the past four days the bears have dominated this market and continue to do so as of now. I am going to stay with the strength rather than wait for the strength to diminish therefore we enter the trade on the H4 KBO. Check me out at fxatoneglance.com and have a great trading day and God bless!
The daily time frame is bullish with price above the Kumo and trying to find support at the Kijun but the past four days the bears have dominated this market and continue to do so as of now. I am going to stay with the strength rather than wait for the strength to diminish therefore we enter the trade on the H4 KBO. Check me out at fxatoneglance.com and have a great trading day and God bless!