michele_laino
Short

AUDUSD - good signals to think at the end of the correction

OANDA:AUDUSD   AUD/USD
11 days ago
I think the price correction is completed.
In the H4 time frame we have three reversal patterns, an inverted hammer, an engulfing and a doji.
Furthermore, first two reversal signals shape a tweezers top.
Thus, we have different reversal signals that can give us short opportunities that could push the price near 123,6% Fibo retracement or in 0,71437 price level.
This price level is 23,6% retracement level calculated on daily chart on high at 0,81625 and low at 0,68290.
This level is important because is a good support, between 24/05/2016 and 30/05/2016 price action shaped tweezer bottom with a beautiful hammer.
Furthermore the lower hammer shadow touched a long trend line (you can see that on daily chart ).
So, if the price action will go down, we had two good TP levels with a SL that could be placed above 0.74211 (23,6% retracement level on H4).
If the price goes up, we will wait for the end of the correction, in this scenario the explanations writed above will be valid.
I hope I've done a good analisys.
Please write me suggestions or your opinion, I'll appreciate that.
Thanks.
11 days ago
Comment: Order cancelled for now, the price is gone up.
Waiting the end of correction with operative signals to entry short.
In this moment a doji appeared, will be this our signal?
Michele Laino
Ideas Scripts Chart
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