I really like Monday´s and planning my upcoming trading weeks! Sorting out strategies and plans how to target the different pairs on my watchlist. There is always so much excitements! fFamous German writer Herman Hesse quoted once: "Jedem Anfang wohnt ein Zauber inne" (Every beginning hold its own magic)
@phoe68, Hi there. Now that the AUD pushed into the expected resistance are starting around 0.747 USD I am looking for short set ups on lower timeframes. Typically simple price pattern or candlestick pattern to trade short into June.
! Beware that the 38.2% retracement of the most recent downswing on the daily timeframe starting 31st of march, only comes at 0.749. However, the down trend line provides resistance just a little short of the 382. If market wants to push this price lower, then chances are good that the price will turn around in this area (382 to be known for trend confirmation retracement) and chase the low that developed beginning of May.
After that, the price will either:
- create a new low, then I´ll wait for the next pullback into resistance to go short again or
- break to downtrend line to the upside, then I would go long on the pullback into that trend line (assuming I get some lower timeframe entry confirmation)
I just sent you a chart update.
Appreciate your feedback if you decide to take a similar idea.
Take care!
phoe68
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@LorbeerInv, hi LorbeerInv, where is the chart? Now it closed above 0.745 so does that mean the trend has changed?