Update to AUDUSD observation - classic price action picture
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Classic picture of institutional absorption as price compresses into a previous level of demand. Now sellers are trapped and go signal confirmed when final absorption occurs above the last low. On 5 min chart you will see 3 waves of compression easier. Absorption of sellers can be seen with orderflow such as cummulative delta bars (not available on tradingview though as far as I can see?). Buying with confidence and stop only needs to be below 6420 as below this means the analysis is wrong!
Note
Entry 6435 Stop 6419 TP1 - 6470 (move strop to break even +2) TP2 - 6510 TP3 - 6540
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Take 50% profit at TP1 then scale out
Note
Trade closed at break even due to strong reversal from 6450s
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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.