FX:AUDUSD   Australian Dollar / U.S. Dollar
several confluences come into this. I see a potential h1 distributive chart pattern hovering above a 2 weeks high.
I am hoping that this pattern can smash this 2 weeks support. I have also identified some d1 line chart pivot as levels that I will like to see a convincing crush. that works out to a good close at ~9320.
I have a h1 channel within a h4 channel.
h1 divergence, though not too nice in this case.
AUD cash rate next week will be decisive for this setup, but my bias will be to short this.
I will look to hold if possible as there is a huge daily upslope channel that looks more on the breaking side.
This entry missed the 1st TP and had to be BE.
Eventually, another h1 channel with macd divergence was build up that finally smashed the huge neckline and now price is moving downwards.
A matter of inevitability on higher timeframe, but realistic trades are those that can align higher timeframe big picture with lower timeframe setups.
What I could have done better was to keep pursuing the short bias and continued to short on the next h1 setup, which I did not hit hard on the final plunge.
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I am connecting this setup with a big picture on the d1 timeframe. If greedy and ambitious, this h1 setup should be the early play to get into an attempt to smash the higher timeframe channel neckline.
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