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If Daily Candle closes as a bullish engulfing I am entering a long trade. After TP1 is hit I will be moving my SL to entry in the event price continues to follow the trend line down.
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Price broke 4h downtrend and Is not on its way back to 1Day 61.8% fib line. Wait for price action to close bullish on the 4H chart above 1.2498 before entering long.
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I think we can find another 100-120 pips long here. Price is following a beautiful trend line on the Daily and 4h charts. With the right price action confirmation I think we will be going long on this pair.
Looking at a possible short here on AUD/USD . Price is hitting a nice wedge pattern on the 1D and 60min charts. Should drop to retest the bottom of the wedge. I am looking short on the close of a bearish engulfing candle which is my favorite form pf price action.
Nice wedge pattern formation on the 60 Min and 1 Day chart. I think price will make its way down to retest the bottom of the wedge before a breakout in either direction. Waiting for a bearish engulfing candle close as my preferred price action confirmation before going short.