- Price in ascending triangle structure forming higher lows and equal highs
- Anticipating break and retest before bulls take control and push to upside
- 1:9RR, 2% risk, take profit based on distance between resistance level and bottom of ascending triangle
AUDNZD has shown an uptrend for approx 3 weeks. Today the sell off has provided an opportunity to jump on the back of this pair. See rationale below:
1) Near term uptrend
2) 100 EMA on 4hr (Red Line) has historically been a good place to buy
3) Indicative trend line drawn (However confirmation required from price action)
What am I waiting for?
Price to close...
We have entered another long position this morning on AUDNZD. Another pair that sneaked its way into our watchlist which we are happy to try and take advantage of. AUDNZD has consistently been on a uptrend for the past week or so and we are hoping to see a continuation of momentum to reach our Target. our Entry here was roughly around 1.07818 and our take profit...
This is rejecting from the upper trendline. I want to see this continue to retrace to the support zone before rising and breaking above the trendline and onto the more significant downward trendline just above.
For best entry need to monitor this on 4HR timeframe using MACD and EMA's to find the moment this turns back higher from support. Another entry method...
Price has formed a bullish pennant pattern on the daily chart, starting back in March.
I'm using the 3rd touch=breakout rule to judge where price is likely to break out. With the addition of a support level through the middle of the formation, this helped me realise that price would NOT break out to the downside on the third touch, leading me to believe price...
Price has been moving in a descending channel on the H4 time frame on AUDNZD and has recently made a 3rd test of the lower trendline and has had a strong bullish rejection from it. There is a good possibility that we could now get a swing to the upside and finally see AUDNZD breakout of the channel and see a test of the next key level of resistance above it.
If you begin to decode the charts you will start to see patterns emerge. I will be monitoring this pair, if we manage to cross over the structure I will look for buys as I believe the majority of liquidity has been gained and we may see a significant upside move.