TRADE IDEA: Look for a short opportunity on NSE:ASIANPAINT at 2500
Short entry: 2500
SL: 2555
Risk:Reward - 1:3
Reason for the trade: FTR supply.
Sellers are on command in this stock as price is being sold on every small rise and price comes down with good momentum.
Disclaimer: Author may enter in trade so take your own decision. This is an trading...
Here we can see price again coming up to retest this nice break of a trade along with a nice bit of structure.
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Bullish trend continuation expected following breakout of recent bearish trend , long trade opportunity presents itself due to bullish engulfing candle at 107.07 resistance and 50% Fibonacci support.
Potential to trade the bullish AUDUSD major pair should price break the indecision doji candle positioned on the 50% Fibonacci area of value following a recent period of retracement. Possible 1:3 risk to reward ratio should price reach the 100% Fibonacci extension level.
Suspected change in sentiment from bearish to bullish following consolidation, break of prior high and engulfing candle. Take profit sitting just above 100% Fibonacci extension achieves potential 1:3 RRR.
Trend continuation following period of retracement, large engulfing candle does not provide sufficient risk to reward ratio 1:3 hence open if price retraces to 50% of the engulfing candle. Take profit is 162% Fibonacci extension.
Price has choppily made its way back into a supply zone, which is in line with the current downtrend.
Risk-averse traders should look on the lower TF for more precise entries.
I've given out some analysis on the AUD before, explaining how the AUD is really strong and the banks are very happy at where it's currently stationed with supply & demand zones all across the price levels 0.70-0.80 within AUD/USD - Right now AUD/USD is at a significant event area, it seems to be following the drop and reverse ratio perfectly.
The price is...
