AUDUSD: Long Position

Note the green circle encompassing the Evening Star Pattern. Now place attention to where it has been printed: the vertical blue line which represents the first month of the year. This simple price action pattern combined with the foundational understanding of the fractal market causes me to speculate the possible ascension to the next major price level. Remark the black dashed horizontal line, for it represents the midline between the origin and destination. This is a place where buying pressure will likely halt for some time before eventually continuing its rise into the higher levels. Now as for the SL shown, this is not how I intend to position myself into the market. The entire white space that is my SL represents the window of opportunity I have to get in on the move while in lower timeframes where I can discover for myself the most optimal entry to execute from.

This is, of course, my interpretation of the chart; place your judgement of events before my own. Executing both Swing and Position trades are skills I have been cultivating since my formal introduction into the foreign exchange market in 2020. As a young trader, I know there is much to be lessoned on within the markets and I will learn from the fate of this trade whether in victory or defeat. I have presented a trade idea, and now it is within your judgement to find the optimal entry into the position if you so agree.

"Trust And Patience"
-KWH

Comment:

I misnamed the price pattern.
The correct name is the Morning Star Pattern.

Comment:

I am still working on the matter of finding for myself a good entry. The few I have attempted as of yet have been unsuccessful.

Order cancelled:

I have decided to place my sole focus upon EURUSD. This trade may still very well play out but I will no longer participate in this campaign. I am interested to see the outcome.