Reasons I will look to take this trade
- Pair is ranging between shown price points with no clear bullish/bearish direction as of yet.
- Price has reacted violently to these price areas in the past, quickly reversing.
- Pair is overbought on 30 min / 1 hour / 4 hour timeframes.
- Tight stop loss / Good R:R (Risk:Reward Ratio) (1:3)
Entry : 0.69900
The wedge formation shown is not pure. It is complex. The tighter sharper wedge could see price falling out and to the south. The other enclosing wedge could see price rising north. In situations like these one has to decide:
1. Long with an ATR appropriate stoploss.
2. Short with an ATR appropriate stoploss.
3. Stay out completely.
In addition to the wedge...
AUDNZD is in a interesting place on the chart. Third time in a row trend line drawn from last year’s lows was tested.
In turn, looking on H4 chart, we have a large bullish candle followed by upward movement and yesterday a higher high was set at 1.0515.
Currently, quotations are struggling with a dynamic support – 20-period SMA . If price manages to maintain...
To me this is pretty simple, the Dow was provided with support by the 50 Moving Average and appreciating, but the Coppock curve is still negative so I would wait till the 20,700 make to buy. Also the ADX Green Line has finally crossed over representing a new trend change. So I would buy until the Trendline resistance.