NOTE: I am not an expert trader by any means, I am open input and sharing my ideas. I am still learning.
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There is a break at the trendline.
I have two ideas.....
#1.. it was a fake out and will continue up to make an extension to 127%. (Near, green arrow head and buy position projection )
Factors:
A) Price still holding above key support
B) RSI oversold
C) News is positive for this pair
News= Increase in Aus. employment data, and trade surplus exceeded expectations = strength
#2 it will retest below trendline and continue down. (Somewhere near, red arrow head and sell position projection )
Factors:
A) Break of trendline
B) Some indicatiors are neutral, so price can do either way
We shall wait and see.
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(please know arrow bounces are not exact.... just showing price may bounce before making it to sell or buy targets.)
---------
Open to all advise or comments. Would love input on how I break down the market or make my analysis ...
------
FYI there is not audio my cursor is explaining this text here and the text on screen.
Happy trading.
-------------------------------
There is a break at the trendline.
I have two ideas.....
#1.. it was a fake out and will continue up to make an extension to 127%. (Near, green arrow head and buy position projection )
Factors:
A) Price still holding above key support
B) RSI oversold
C) News is positive for this pair
News= Increase in Aus. employment data, and trade surplus exceeded expectations = strength
#2 it will retest below trendline and continue down. (Somewhere near, red arrow head and sell position projection )
Factors:
A) Break of trendline
B) Some indicatiors are neutral, so price can do either way
We shall wait and see.
--------
(please know arrow bounces are not exact.... just showing price may bounce before making it to sell or buy targets.)
---------
Open to all advise or comments. Would love input on how I break down the market or make my analysis ...
------
FYI there is not audio my cursor is explaining this text here and the text on screen.
Happy trading.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.