AUD/USD - Short Position
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Daily - Price over the past few weeks have been moving down for a long period of time, we broke through a key level which was acting as a support we broke this and the re-tested it as a resistance, and price continues to go down, within the most recent weeks we have had a huge impulsive move to the upside and we have just reached this key level again.
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4 Hour - I noticed a double top chart pattern at this resistance which is "bearish reversal pattern", Moving averages look like they are about to cross indicating a short position (sell position), and also the relative strength index (RSI), is near the overbought section and all these confluences give me an idea where price is going.
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I will wait for some price action to occur before i get in on a short position (sell position).
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if you have any questions/enquries, just drop me a message in the comments !!
Kind regards,
Kian P
...
Daily - Price over the past few weeks have been moving down for a long period of time, we broke through a key level which was acting as a support we broke this and the re-tested it as a resistance, and price continues to go down, within the most recent weeks we have had a huge impulsive move to the upside and we have just reached this key level again.
...
4 Hour - I noticed a double top chart pattern at this resistance which is "bearish reversal pattern", Moving averages look like they are about to cross indicating a short position (sell position), and also the relative strength index (RSI), is near the overbought section and all these confluences give me an idea where price is going.
...
I will wait for some price action to occur before i get in on a short position (sell position).
...
if you have any questions/enquries, just drop me a message in the comments !!
Kind regards,
Kian P