AUDUSD (Sell Breakout) -4h Chart
Updated
I measured bearish impulse by placing 0.236 right below ABCs and we can see how price retraced around 0.618, at this point I expect to sell the breakout all the way to previous support where -0.27 is, with Trend-Based Fib Extension I confirmed area with 1.618 around -0.27.
MACD has a strong resistance at top, which confirms bearish impulse.
Good Trading. -4h Chart
MACD has a strong resistance at top, which confirms bearish impulse.
Good Trading. -4h Chart
Note
First retracement with ABC pattern for bearish continuation.Good Trading. -1h Chart
Note
Bearish ContinuationGood Trading. -1h Chart
Note
-0.27 has been reached, I expect second retracement to happen for bearish continuation.Good Trading. -15min Chart
Note
Bearish ContinuationRunning Flag was formed with some confirmations
- point A at 0.5
- point B at 0.382
- point C at major retracement 0.786
- double top at 0.786, but no retest in MACD
239.1 Pips all the way to -0.27
Good Trading. -1h Chart
Note
2618 was completed inside Running FlagConfirmations for 2618:
- double floor
- measure impulse
- wait for retracement at 0.618
- TP are -0.27 and -0.618
We can see how -0.618 is around 0.786 from Running Flag, even made a double top, which gives us our bearish continuation.
Good Trading. -15min Chart
Note
We got our bearish impulse with first flag formation, I measured bearish impulse placing 0.236 right below consolidation and we can see flag is inside 0.5 - 0.236 retracements, which gives us our bearish continuation.Good Trading. -15min Chart
Note
Possible Ending Diagonal- 1 and 4 at same price
- both flags respect Fibonacci levels
- 0-1 will be same distance as 4-5
Which is what we need for point 5 completion, where we can buy all the way to 0.786 just to confirm resistance and continue bearish.
Good Trading. -15min Chart
Note
Bearish Continuation at 1.618Good Trading. -15min Chart
Note
I published new idea where I will be updating AUDUSDGood Trading -4h Chart
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.