AUDUSD Swing long
- Thread starter Leebax
- Start date
- Watchers 21
Looking back at AUDUSD again today. Price has stalled at the supply zone , and it now looks to be forming the right shoulder of a H+S . My bias is now bearish short term for the drop on the right shoulder. You can see its wicking out at this resistance zone currently too.
If it drops here to form the shoulder, then thats where multiple points of confluence will come into play with the uptrend, and the retest of the long broken down trend, plus the neckline hold, i think this will give it great demand for the next bull move upwards. Keep your eye on the magic circle
If it drops here to form the shoulder, then thats where multiple points of confluence will come into play with the uptrend, and the retest of the long broken down trend, plus the neckline hold, i think this will give it great demand for the next bull move upwards. Keep your eye on the magic circle
Good morning traders, im back off holiday today and were looking at AUDUSD again. if you check a couple of weeks back i was looking at the short term sell on the right shoulder of the H+S . I got that correct and price certainly hit my magic circle (yellow arrow).
BUT it did not hold for the long position (white arrow). Price has crashed through and we are currently sitting at a previous demand level . This is a cheap price to buy AUDUSD so small long positions here are possible to enter to hold. You can get good R:R with a fairly tight stop, look for signs of this level holding and enter.
Good luck
BUT it did not hold for the long position (white arrow). Price has crashed through and we are currently sitting at a previous demand level . This is a cheap price to buy AUDUSD so small long positions here are possible to enter to hold. You can get good R:R with a fairly tight stop, look for signs of this level holding and enter.
Good luck
Stepped back to the weekly to look at this pair, and that is one big bearish weekly candle!
It is sitting right on a prime level to go long from so will be looking for some strong rejections.
Not been below this level since 2009 so will be an interesting one to watch if it breaks below here.
It is sitting right on a prime level to go long from so will be looking for some strong rejections.
Not been below this level since 2009 so will be an interesting one to watch if it breaks below here.
