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.
Looking to add another position to this trade.
I am not in it as yet and I am waiting for the price to come back to this level it has found support at.
I will update if I am entered.
My first entry has 1% secured.
1750 level is a key level I will offload my positions
EUR with recent strong moves from EUR showing strength I expect price to bounce back from the most this bearish move seen today (1/6/2020). Price is expected to go up to the open of close of the most recent bullish daily candle to balance out the imbalance of price action, then head to the downside following the overall bearish trend.
entry, take profit and SL...
I believe recent bullish spike seen on GBP/USD is simply a pullback and that there is further downward bearish momentum to be seen in the coming days. LAst week we saw price breaking the long trendline with a strong bullish candlestick which was followed through by another bear candle on the daily. Price then pulled back at around the monthly support level 1.2500...
The correction looks like a regular flat, looking at the 1H chart there is divergence between the third and fifth waves on the latest move up. Price is also sitting nicely on the 50% fib retracement, I'll be waiting for a break of the orange trendline before entering the trade.