Update to AUDUSD observation - classic price action picture
Classic picture of institutional absorption as price compresses into a previous level of demand. Now sellers are trapped and go signal confirmed when final absorption occurs above the last low. On 5 min chart you will see 3 waves of compression easier. Absorption of sellers can be seen with orderflow such as cummulative delta bars (not available on tradingview though as far as I can see?). Buying with confidence and stop only needs to be below 6420 as below this means the analysis is wrong!
Comment:
Take 50% profit at TP1 then scale out
Comment:
Trade closed at break even due to strong reversal from 6450s
TP1 - 6470 (move strop to break even +2)
TP2 - 6510
TP3 - 6540