Daily chart shows sell off since triple top at 0.81 cents
After the initial sell off there was a retracement towards ~0.795 cents which was 61.8% from the 0.81 high, this was followed by another sell off to 0.771 followed by a 61.8% retracement to 0.788.
Another sell off has occured to 0.764 and another retracement to 0.778 which again was the 61.8% retracement....
Daily chart - Break of structure
4 hour - downtrend
60 minute - testing the resistance line with slow stoch overbought
Look to sell near trend line
Risk 1:2 means you only need to be right 35% of the time to be profitable.
KISS - Keep it simple stupid
Trade entry on completion of the fractal setup has provided some initial profit at the 1.618 fibo extension... position is now neutral and there is no value in buying up here as it presents no real value and stops may quickly be triggered. Wait for the retracement down to the now support area before trade entry and look to take profit on the full extension.
Any...
Clear uptrend from 104.700 the break at 107.700...
Previously at current price levels there is a period of price consolidation, this is confirmed by ADX indicator... Could it be the start of a Range market??
Look to play range (on smalls) with long entry at 108.500/300 (23.6% fibo retracement) and take profit should be near top of range at 109.500/110.00
2...
US GDP out today and AUD interest rate decision on Tuesday local time (highly unlikely of any rate change), If GDP is worse than expected look for a retracement towards the fibo 0.38% retracement level before continuation of down trend. Value sell around 76.800 tight stop above, look for a positive risk reward ratio.
Long term trend is up and price continues to respect that trend line, however ascending triangle formation is in place. Majority of the time this means it is a continuation pattern (however can also be a reversal pattern so a tight stop is advised).
Look for long position on the trend line with confirmation via a candlestick pattern/ oscillator with stop being on...
With initial signs of the 3% yield looking like it is being respected, but overall the trend is still down look to short around 120'00 and a break in structure around the previous swing high ~121'08 level.
Previous price consolidation at current price level therefore I am looking for a fib retracement towards a more value price around the 38.2% fibo retracement before looking for a long position.
Recent breakout of the range has given us a trend we can potentially take advantage of. ADX has turned downwards signalling breakout weakness, so wait for the retracement towards previous support level (now resistance) before entering short towards the .618 extension (initial profit target). As stochastic on the daily time frame is well oversold, look for...
