AUDUSD - Analysis, could see a potential 'Sell'
Updated
Technical: AUDUSD - H4 time frame.
Key Indicators:
- RSI
- Stochastics
- Bollinger Bands
- EMA 55
Take Profit: Rectangle area/zone.
Analysis: The market is currently in the overbought zone, suggesting a potential bearish reversal. I see a possible 'Short' entry.
PS: This is my personal trading strategy and backtesting results. Please adjust accordingly.
Key Indicators:
- RSI
- Stochastics
- Bollinger Bands
- EMA 55
Take Profit: Rectangle area/zone.
Analysis: The market is currently in the overbought zone, suggesting a potential bearish reversal. I see a possible 'Short' entry.
PS: This is my personal trading strategy and backtesting results. Please adjust accordingly.
Note
Update:I consider both Daily and H4 charts when conducting my analysis, and I see that both charts are in alignment, indicating that the market is in an overbought zone.
The candlesticks formation on the charts suggests a potential reversal.
Trade closed: stop reached
The market reacted to the news and not in my favour. SL triggered and the position was closed.Trade closed: target reached
The AUDUSD market didn't move in my favour on Wednesday, but I was watching closely and knew I had a signal to sell.I changed my plan and looked at the H4, H1, and M15 time frames. When all three were in alignment, I entered the market with a sell order and made a profit of 35 pips.
Next time, I'll focus on analysing the shorter time frames – H4, H1, and M15 – in this sequence instead of the W, D, and H4, I used before. I'll also do more, backtesting results.
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