AU has been chugging around yesterday, but notice that an exhaustion pattern is currently forming. In today's trading session, I will be focusing on short-term selling opportunities. Two scenarios that I'm personally looking to trade the market. 1. If we notice more bullish pressure to possibly re-test the top band, we might be able to catch entry with candlestick pattern as the trigger (eg. doji, pin-bar, etc). 2. If market continues to grind downwards, avoid chasing it and wait for price to pullback towards the 18ema. I'm expecting further bearish pressure towards 0.7660 (support zone 1). Stay reactive.
However, do not forget the higher timeframe picture remains bullish.
Trade safe.
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Looking at putting all the pieces together for all of this (yes I am new at this, late in life). What would be the point to look at triggering a sell?
TraderNeoh
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@stelees, There's two ways. Either to wait for a break of the pattern for a re-test setup, or wait for solid bearish candlestick pattern (Bearish doji, pin-bar, engulfing, etc) rejecting the top band of the pattern. Hope it helps.
Joy_25
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This idea is good
Can be benefited from this. What do you think ?
Donajor8
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What about sideways ?is this possible
TraderNeoh
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@Donajor8, Yes it is possible too, but i'd personally project some further bearish continuation due to the initial impulse, price has been ranging for some time too.
Donajor8
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@TraderNeoh thx u sir I look forward to seeing how this play out