Potential bounce on AUDUSD, we are in a short multi-week trend.
Key levels are as follows :
0.7195 - was a support/resistance zone, important here is to break above for continuation upwards
0.7130 - potential bounce point for the start of consolidation zone if prices does break below trend
0.7228 - first potential reversal point for long position
0.7310 - price target level based on previous high (data based on from OANDA chart)*
Trade plan :
Current 10 pips zone between 0.7185 - 0.7175 looks good for long entry, will keep stop loss tight
SL : below 0.7170
Price Target : 0.731
What to look out for after entry :
1 - 1H closing below support trendline might invalidate long target, as of now 1700 GMT +0 the difference is 10 pips from SL
2 - If price does break below and SL triggered, do keep a look out for consolidation below trendline, either another small flag, triangle, etc.
3 - A breakout below said consolidation will be a confirmation for more downside move
Will update accordingly
* price levels might differ based on the broker you are using, however the underlying principle is the same. If the target is the previous price high point, do adapt that level based on what you see on your broker's chart
Key levels are as follows :
0.7195 - was a support/resistance zone, important here is to break above for continuation upwards
0.7130 - potential bounce point for the start of consolidation zone if prices does break below trend
0.7228 - first potential reversal point for long position
0.7310 - price target level based on previous high (data based on from OANDA chart)*
Trade plan :
Current 10 pips zone between 0.7185 - 0.7175 looks good for long entry, will keep stop loss tight
SL : below 0.7170
Price Target : 0.731
What to look out for after entry :
1 - 1H closing below support trendline might invalidate long target, as of now 1700 GMT +0 the difference is 10 pips from SL
2 - If price does break below and SL triggered, do keep a look out for consolidation below trendline, either another small flag, triangle, etc.
3 - A breakout below said consolidation will be a confirmation for more downside move
Will update accordingly
* price levels might differ based on the broker you are using, however the underlying principle is the same. If the target is the previous price high point, do adapt that level based on what you see on your broker's chart
Trade active
Seems like SL was too tight, price went to a low of 0.717, did not go under, so I am still in. Price is consolidating on the trendline, so any breakout could result in some quick movements. Key now is for 1H to close and stay above 0.7195Trade active
Looks like a trend as formed, do keep a look out for any breakouts for formation of any triangles, will update accordingly
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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.
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.