Hi guys, thats a price action analysis. On my weekly watchlist I had this pair, and finally I could look for a short. After this up movement, AUDUSD reached an important Sellers Zone. In 4H chart price rejected this area.
I setup 3 Targets, Risk Reward Ratio could be 4 times bigger.
Tap a LIKE if you think is a useful idea & follow me if you want to receive notification about new price action analysis. Did you make an idea about this pair? Share it in the comments. In this post, I not recommend buying or selling so please do your own research, and follow your trading plan with a properly Money Management.
Trade closed: target reached
⋅
First Profit Reached. I would like to say something. First- after posted an idea, I don't have all the time to stay here and make an upload of the private trade, thats not a SIGNAL SERVICE and ITS NOT WHAT I'M DOING. I'M MANAGING my trade in a private way, and I'm posting these analysis to be HELPFULL , or TO GIVE YOU an idea about areas etc.. So even if I post an analysis doesn't mean that later, during my private trading session, I can't change my mind in things as Stop Loss and Target, and because maybe I didn't entered the trade yet. But how can you know this? I'm not here all the time, or how could I stay focus on my trade? So, you should NEVER OPEN A TRADE BECAUSE EVERYBODY ELSE IDEA. WHAT YOU CAN DO IS ONLY USING AN IDEA TO CREATE A PERSONAL WATCHLIST OR TO CHECK LEVELS ETC.. IDEAS POSTED ON TRADING VIEW ARE NOT A SIGNAL SERVICE.
@SetupByReb, Hey Rebecca, interesting set up here. Hope you didn't get stopped out. Using the high of 31 Dec as the top for a fib, it puts the .764 and .618 acting as support and resistance, so legitimate to me. That puts the current price in the middle of the two fibs. Also in the middle of a large ascending channel, but also at the bottom of a rising wedge inside the channel. I can see sense in everyone's comments, but it could easily break out of the wedge and drop about 1c to the bottom of the channel. It doesn't need to go back to the top of the channel or the resistance. That's my bet atm for what it's worth:)
UnknownUnicorn7104034
⋅
@miket56, Hey thanks for comment. Is' great that I didn't get Stop Out because I upload my trade, but I didn't put an uploaded here because I was focus on mine trade & because after posting a chart I can't change it..So many times we post but we don't upload because it take time, and I can't always stay here and trade in the same time.
Anyway, despite all indicators, technical analysis.. Etc.. The Sellers Level it was strong for real! So First Profit Taken and waiting to reach the others, hope you've got a good trade as well:)
miket56
⋅
@SetupByReb, Good analysis, thank-you. Hoping it makes the next TPs.