Trade 5: AUD/USD - 3.89 RR Ratio - TP Hit
Updated
(Similar to Trade 4) : Possibly due to same currency in the pair
Longer Time Frame: 1D
1. A Bullish Engulfing candle was formed on 7th Nov, breaking the structure of downward trend
2. Pulling fib retracement from pivot low to pivot high, we can see the price is currently in between 0 and 0.236 levels of fib
Shorter Time Frame: 30min,15min,5min
1. At point "1" we can see that price took resistance, however the 30min and 15min, the shorter HMA was still above the medium HMA
2. We waited until the medium HMA crosses over shorter HMA in 15min timeframe
Bias: Short
Since there was an bullish engulfing candle in longer time frame, we are expecting a pullback to retest the bullish trend. Even in the shorter time frame, we see a double top being formed.
Entry:
1. The next cross under of shorter EMA with medium EMA when the medium HMA crossed over shorter HMA
2. Waited in 15min timeframe to observe the EMA cross under
3. Dint wait for FVG, entered at the open of next candle of break out
Target:
1. 0.236 level of Fib (Achieved)
2. If 0.236 is broken, can be pushed to 0.382 level
SL:
Above the EMA cross under in 5min time frame
Longer Time Frame: 1D
1. A Bullish Engulfing candle was formed on 7th Nov, breaking the structure of downward trend
2. Pulling fib retracement from pivot low to pivot high, we can see the price is currently in between 0 and 0.236 levels of fib
Shorter Time Frame: 30min,15min,5min
1. At point "1" we can see that price took resistance, however the 30min and 15min, the shorter HMA was still above the medium HMA
2. We waited until the medium HMA crosses over shorter HMA in 15min timeframe
Bias: Short
Since there was an bullish engulfing candle in longer time frame, we are expecting a pullback to retest the bullish trend. Even in the shorter time frame, we see a double top being formed.
Entry:
1. The next cross under of shorter EMA with medium EMA when the medium HMA crossed over shorter HMA
2. Waited in 15min timeframe to observe the EMA cross under
3. Dint wait for FVG, entered at the open of next candle of break out
Target:
1. 0.236 level of Fib (Achieved)
2. If 0.236 is broken, can be pushed to 0.382 level
SL:
Above the EMA cross under in 5min time frame
Trade closed: target reached
TP Hit
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