2 Plans available for Aussie.
Plan 1 - LONG
1. Price currently at key trendline as well as key horizontal level.
2. Currently price action is not overly strong but MACD is showing signs for reversal divergence
3. Entering now will technically be counter trend trading as trend is still down so wait for the breakout of immediate down trendline and wait for pullback to go long.
4. IF this happens then can enter on reversal price action
Plan 2 - SHORT
1. Weekly price action shows very bearish momentum towards the key trendline and horizontal level which may mean sellers still in control.
2. IF price really breaks this key intersection then wait for price to retest the horizontal level and go short
3. Enter only on strong price action.
Plan 1 - LONG
1. Price currently at key trendline as well as key horizontal level.
2. Currently price action is not overly strong but MACD is showing signs for reversal divergence
3. Entering now will technically be counter trend trading as trend is still down so wait for the breakout of immediate down trendline and wait for pullback to go long.
4. IF this happens then can enter on reversal price action
Plan 2 - SHORT
1. Weekly price action shows very bearish momentum towards the key trendline and horizontal level which may mean sellers still in control.
2. IF price really breaks this key intersection then wait for price to retest the horizontal level and go short
3. Enter only on strong price action.