Price Action study with S&R AUD/USD
Updated
This is a study of AUD/USD price action from a novice forex trader's perspective just shy of 2 years live fx trading
The aim of this study is for me to get better at the following:
AUD/USD Daily
The aim of this study is for me to get better at the following:
- identifying "key" support and resistance levels
- identify good trade setups based off of my analysis of these support and resistance levels
- better understand the currency pair's price action in order to make better analysis and trade decisions
- learn from any mistakes I make in my analysis, trade setups, and biases on price action
AUD/USD Daily
- Price has made a strong bearish moves down to a support area at ~0.71688 level
- Last time this price played a support role was back in June 2016
- With the strong move down, and a historical support level, I like the idea of a short after price pulls back up from the support level. I think that price will try and test 0.71688 again
- Trade setup would only be valid if the daily candle closes in resistance area showing an "indecision candle"
- If price continues moving up I would wait for price to find resistance at a another level
Note
Yesterday's daily candle was pretty bullish* Still looking for a short opportunity on the 12hr and 8hr charts
* Using Daily chart as my base for analyzing price action and trends
* The pair looks like it may have a little bullish push up and my setup would be to wait for price to find resistance at a previous support level like ~0.73291 or even higher at ~0.74984 levels
* If price continues through with strong bullish momentum my setup would be invalid
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