Approaching a major level of previous respected support.
Price action showing an Equal measured ABCD move at that level.
9250 psych number as well.
A larger ABCD equal measured move from the major high.
Also a 1.618 extension on the Fibs.
All the stars aligning.
Nice opportunity for structure-based traders.
Will update entry zone if/when we test that level....
This is a simple one - a structure zone on CADJPY 3-DAY time frame.
Some say the more times price hits a zone like this the greater the probability of a breakthrough. That's generally true. The trouble is that no one knows how many hits are necessary.
I previously showed that CADNOK remained contained for 4.6 years.
Here i am highlighting possible areas on the AUDUSD where we will be able to take a trade decision from.
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Looking at the daily chart you can see price breaking structure, waiting for price to break the support level and wait for conformation before entering the trade. Use a lower time frame for better entry. Always look left! As you can see marked up (green circle) a nice area where price once was, this is the area I’m targeting if I get in this trade.
£ Good luck
Daily is currently at a minor support level so we can see some relief to the green line. Double Bottom and then a break of the V Point on the 60 can provide a decent opportunity between the zones drawn in. 60 in itself isnt too convincing but you can use it as an entry for higher time frame perspective.
GbpNzd at minor support overall a daily flag type pattern so it is added confluence. There is some lower level of support a bit lower which in my opinion is a bit more important and significant but still not a bad opportunity.
Following a decent impulse to the upside on the 60 and not a conflicting bias on from the daily as that is consolidating, I believe price can go higher if not to a retest of the highs too. Came into a minor level of support with fairly safe stop placement. A quick potential day trade which I am involved in.
AudUsd is at a decent level of support and we can see some relief coming in on this pari following a strong bearish move. I would be conservative with targets due to it being a counter trend setup and a strong move.
Lovely shorting opportunity on the 4 hour.
Previous daily structure for possible reversal
Can trade off of the break out candle - or wait for a pull back to the consolidation zone then enter short
I'm more aggressive so i will be taking the trade depending on how markets open
check on Daily TF you may see if clearer what i am seeing