This is my AUDUSD forecast, there's a very nice uptrend in the daily and weekly charts. In my group we have opened and closed multiple long positions on the way up, and this is a nice chance to add to this trade.
The uptrend signal demands a test of the low volume resistance (red box), to eventually reach 0.76476 or even higher, but it'll be a considerable feat if AUDUSD manages to breach this level and head up. The most probable outcome is that we see a similar move as the one I forecasted for EURUSD, with price rallying and reversing right below the low volume resistance zone.
For the time being we'll go long, and we will observe behavior when approaching the resistance zone, and the target. Once it's clear we can probably open a short of similar characteristics to EURUSD, but can't give specifics yet.
Cheers,
Ivan Labrie. Time at Mode FX
Trade closed manually
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Doesn't look right at all.
Comments
Fxprotrader
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So deep analysis mate.. Well done..! Although you didn't notice that pin bar...!! I am just kidding :) .. Keep up the great work..!
IvanLabrie
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Haha.
Actually, there was no way to know it would drop on China news.
But, once it did, you could get out and flip short at my stop loss with a 1 atr stop. (and recover)
GoodLuckbabe
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This thing does not have all traders which you have I love it I think traders must play on both sides and if they feel that they are on wrong side then immediately change their position and follow the wright rout that's very good that's why I follow your ideas and respect all of these because your ideas are very informative and your are a active and reactive trader
GoodLuckbabe
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GoodLuckbabe
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this is short cover rejection
GoodLuckbabe
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means we are approaching on resistance
IvanLabrie
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My chart has a different daily close, no pin bar...strange.
GoodLuckbabe
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thats why you did not notice but i can see this on different brokers platform
GoodLuckbabe
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i think your daily close is not the New York time daily close
IvanLabrie
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Well, it's what I see on the chart here. The weekly closed there apparently.