MARKET PHASE
AUDUSD
is in a long term uptrend (daily) with a short term corrective structure that has been taking place (4 hour).
AREA OF VALUE
Price continued to break lows within the corrective structure until it began to hold the bottom. There was a buildup of liquidity (sell stops, shorts, long order stop losses) below the corrective structure swing lows. Price violently moved down to trigger the sell stops (liquidity) to pair against the buy orders needed to take price up. Price has now started it’s initial move up but due to the velocity of the upward move, it's gapped orders around 0.65340. Price retraced back to this level to meet the demand and our entry was triggered. We can now expect a strong push upwards in the direction of the larger trend.
TRADE
I've entered my long position on
AUDUSD
as follows:
Buy Limit: 0.65340
Stop Loss: 0.65072
Take Profit: 0.65877
AUDUSD
is in a long term uptrend (daily) with a short term corrective structure that has been taking place (4 hour). AREA OF VALUE
Price continued to break lows within the corrective structure until it began to hold the bottom. There was a buildup of liquidity (sell stops, shorts, long order stop losses) below the corrective structure swing lows. Price violently moved down to trigger the sell stops (liquidity) to pair against the buy orders needed to take price up. Price has now started it’s initial move up but due to the velocity of the upward move, it's gapped orders around 0.65340. Price retraced back to this level to meet the demand and our entry was triggered. We can now expect a strong push upwards in the direction of the larger trend.
TRADE
I've entered my long position on
AUDUSD
as follows: Buy Limit: 0.65340
Stop Loss: 0.65072
Take Profit: 0.65877
Trade closed: stop reached