


shoaib_s
MArket structure + Support and resistance and fib tool used on the 5 minute chart
First of all, this is a technical analysis on a 15 min chart and what I noticed first is the basic market structure forming (HH, HL). Next, I identified the support range (yellow rectangle) where I suspect the new HL will be and finally I added my Fib tool that also supported my buy range at around the 78.60% level. Confluences: - market structure - support and...
This analysis is based on the 15-minute chat and is a short-term trade for which I had first identified a strong support (pink line) at 1.08117. Next, I recognized a Head & Shoulder chart pattern and identified a neckline (orange dotted line). Finally, a fib tool was implemented which helped me find my potential S/L around the 50% range, and T/P was placed close...
Support/resistance trend line - 3 or more points touching news fib tool
T/P - 12.28 S/L - 11.68 Risk / Reward Ratio - 5.2
Bullish on AUD/USD due to the support and resistance you see as well as the Fib tool lining up. Other than that I also see a market structure in this range. Fundamentals also have a part in this trade
Daily chart ----------------- Confluences ----------------- - fib tool - trend line - Strong support and resistance
I will be waiting for this to come re-test at the resistance which will determine whether I get into this trader or not - Daily chart
4HR CHART -------------- - fib tool - support / resistance - market structure
4 Hour chart ---------------- - overall downtrend - previous 3/4 candles on the daily chart suggest a bearish continuation - fib tool aligns with my support range - AXY is also on a downtrend - M/A on this chart also suggests a downward trend
4hr chart. Please look at the chart to see why i decided to go with this particular trade for this pair