AUDUSD - good signals to think at the end of the correction
Updated
I think the price correction is completed.
In the H4 time frame we have three reversal patterns, an inverted hammer, an engulfing and a doji.
Furthermore, first two reversal signals shape a tweezers top.
Thus, we have different reversal signals that can give us short opportunities that could push the price near 123,6% Fibo retracement or in 0,71437 price level.
This price level is 23,6% retracement level calculated on daily chart on high at 0,81625 and low at 0,68290.
This level is important because is a good support, between 24/05/2016 and 30/05/2016 price action shaped tweezer bottom with a beautiful hammer.
Furthermore the lower hammer shadow touched a long trend line (you can see that on daily chart).
So, if the price action will go down, we had two good TP levels with a SL that could be placed above 0.74211 (23,6% retracement level on H4).
If the price goes up, we will wait for the end of the correction, in this scenario the explanations writed above will be valid.
I hope I've done a good analisys.
Please write me suggestions or your opinion, I'll appreciate that.
Thanks.
In the H4 time frame we have three reversal patterns, an inverted hammer, an engulfing and a doji.
Furthermore, first two reversal signals shape a tweezers top.
Thus, we have different reversal signals that can give us short opportunities that could push the price near 123,6% Fibo retracement or in 0,71437 price level.
This price level is 23,6% retracement level calculated on daily chart on high at 0,81625 and low at 0,68290.
This level is important because is a good support, between 24/05/2016 and 30/05/2016 price action shaped tweezer bottom with a beautiful hammer.
Furthermore the lower hammer shadow touched a long trend line (you can see that on daily chart).
So, if the price action will go down, we had two good TP levels with a SL that could be placed above 0.74211 (23,6% retracement level on H4).
If the price goes up, we will wait for the end of the correction, in this scenario the explanations writed above will be valid.
I hope I've done a good analisys.
Please write me suggestions or your opinion, I'll appreciate that.
Thanks.
Note
Order cancelled for now, the price is gone up.Waiting the end of correction with operative signals to entry short.
In this moment a doji appeared, will be this our signal?
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