Hi guys,
The busy week continues, I just put in a buy order on AUDUSD as shown on the chart. Price has broken out of a horizontal resistance/support zone aswell as a trendline which is part of a rising wedge, it has now rejected the top of the zone twice in the same day and decelerated.
I don't like the 50 EMA being in the way and getting rejected. I am also not satisfied with the lack of a deeper pullback. Significant MACD Divergence would've been great also. However this trade still has 5 confluence factors. Because I know my strike rate on those setups I know that I posses an edge over a great amount of trades. That is why it's crucial that I trade my plan regardless how I'm feeling about the trade.
Happy trading
The busy week continues, I just put in a buy order on AUDUSD as shown on the chart. Price has broken out of a horizontal resistance/support zone aswell as a trendline which is part of a rising wedge, it has now rejected the top of the zone twice in the same day and decelerated.
I don't like the 50 EMA being in the way and getting rejected. I am also not satisfied with the lack of a deeper pullback. Significant MACD Divergence would've been great also. However this trade still has 5 confluence factors. Because I know my strike rate on those setups I know that I posses an edge over a great amount of trades. That is why it's crucial that I trade my plan regardless how I'm feeling about the trade.
Happy trading
Trade active
Entered yesterday live at:Entry: 0.77569
Stop: 0.77113
Target:0.78795
Happy trading
Note
Massive Hightest today, indicating some seller pressure. My trade idea is still valid, none of the confluence factors have been invalidated yet. My stop will stay where it is.Note
as of now we're just moving sideways, so nothing really too exciting.I like my stop and will leave it there until the market tells me otherwise
Trade closed: stop reached
Stop reached in tonights Asiasession!
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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.