Trading forex at the moment and looking for profitable trades and I came across AUDUSD.
Market structure shows bearish, as you can see if you look at the 50MA. So I am looking for a short opportunity. I drew trendlines at the highs to define the trend even more.
We also have a support area, that is a previous resistance area. Which makes it valid in this analysis.
I am now waiting for a bearish rejection of the 50MA, with confluence of the trendlines.
Potentially, this pair could be moving in a bigger range (looking at the weekly timeframe), so the support area is KEY to look at as well.
My entry timeframe is the 2H and is there I am waiting for an entry trigger in the form of some kind of bearish rejection of the 50MA.
Follow this idea at let us see how it plays out!
Market structure shows bearish, as you can see if you look at the 50MA. So I am looking for a short opportunity. I drew trendlines at the highs to define the trend even more.
We also have a support area, that is a previous resistance area. Which makes it valid in this analysis.
I am now waiting for a bearish rejection of the 50MA, with confluence of the trendlines.
Potentially, this pair could be moving in a bigger range (looking at the weekly timeframe), so the support area is KEY to look at as well.
My entry timeframe is the 2H and is there I am waiting for an entry trigger in the form of some kind of bearish rejection of the 50MA.
Follow this idea at let us see how it plays out!