Waiting for instrument to reject of the weekly zone.
Then I will look to sell from that zone.
Selling only after the break below the HMA and the retest of the liquidity/weekly rejection zone
This will most likely take a month or two to be realized
**This is just my trading thought process and does not constitute as financial advice.
**Please trade with proper risk...
With prices inside higher timeframe supply (weekly Supply) and we see price on the daily timeframe broke upward ML showing evidence of sellers coming in. Looking for shorts with price inside weekly/daily supply.
Aussie makes a very nice classic move - after breakdown it made a pullback (retest) and now it could drop
again to complete the entire correction and hit either 61.8% (.6956) or 78.6% (.6863) Fibonacci retracement levels.
That's why AUDNZD is in the red (see related)
This bearish bat completes at the top of the daily structure, which is also the PRZ of the larger bearish bat that completed 06/29 and already hit its first target. The RSI is currently in overbought territory -- bearish divergence and a crossing down below the 70 line would be a nice confluence to this trade.
The trend has been bullish so it is important to...
A bearish AB=CD pattern completed and seems to be respected with price making a double top. I just entered short @ 0.7459 (this chart is delayed but it is the current market price), which is the .618 retracement of the drop since the double top. My stop is 0.7567. Wish me luck!
Here we see price approaching 4 month support level, the last test of the support reversed at a higher low, this current test of support has again paused at a higher low then the previous test. There are also reversal candlesticks at the current level, if price breaks above the current range high of .749, looking to go long.
AUDUSD is still a bit undecided. My bias is long assuming break upward of current futures weekly trend. Just because bias is long doesn't mean we know the future. There are two trade setups. Wait for price to reveal.
the trades are:
Long; watch for bounce of orange trend line. Requirement; no break down and 240 candle close with good bounce of trend line, long...
US Dollar showing signs of distribution as evidenced by accumulation in E6 Euro, J6 Yen and A6 Australian Dollar. #1 Short term excess supply signal has been flashing on/off today signalling a high probability of more selling. Note: no new cyclical support or resistance levels have calculated and printed at this time. This distribution will most likely take a...
If you see the "Aussie map", linked below, gives a more rounded picture of the local market at the time being.
Stocks are currently in confluence area that gives the shorts better probabilities for a possible correction.
Momentum divergence can been seen from miles away and a closing below the up trending arc line will have the sound of a bottle opened,...
