Hi guys,
here we are, looking at AUDUSD and searching for a reversal pattern on lower timeframes. That's because this pair has reached a key structure level on the daily timeframe and that makes me believe we could see a rally off of that level. Of course, i want to have additional confirmation before entering a trade and here you can see a small period of consolidation followed by a break of structure to the opposite direction. Plus, we have RSI divergence on both 4hr and daily timeframe, along with an engulfing candle on the 4H. This gives me enough proofs to enter a trade, with stops below the low and targets as shown.
If you have questions/ideas, feel free to share down below.
Otherwise, see you in the next chart!
here we are, looking at AUDUSD and searching for a reversal pattern on lower timeframes. That's because this pair has reached a key structure level on the daily timeframe and that makes me believe we could see a rally off of that level. Of course, i want to have additional confirmation before entering a trade and here you can see a small period of consolidation followed by a break of structure to the opposite direction. Plus, we have RSI divergence on both 4hr and daily timeframe, along with an engulfing candle on the 4H. This gives me enough proofs to enter a trade, with stops below the low and targets as shown.
If you have questions/ideas, feel free to share down below.
Otherwise, see you in the next chart!
Trade closed: stop reached