AUDNZD - here we have a difficult one to explain as the trade has been taken based on the daily, the 4hr and lastly the 1hr Timeframes. Daily time frame shows us a good error of structure (yellow box) where price has previusly reached here and reversed.
Same thing with the 4hr, except this allows us to looka t candle movement and how price has been reacting. Lastly the hourly timeframe allows us to find our entry point. Now we spotted this set up last night and waited for this morings London open before executing any trade. Now remember i said we based this trade off 3 different time frames? So this may look to some ofyou as a break on the hourly duer to candle closures so why would i be selling when price has been closing above this area?... Well, the structure zone is based off the daily time frame so come the end of today if the trade goes to plan we should see we had price wick up passed this structure durung the London open and then it fall due to being over bought.
So my entry point here was based on a strong bearish rejction and also being back in the structure zone we were waiting for.
Let's see how this plays out.
Same thing with the 4hr, except this allows us to looka t candle movement and how price has been reacting. Lastly the hourly timeframe allows us to find our entry point. Now we spotted this set up last night and waited for this morings London open before executing any trade. Now remember i said we based this trade off 3 different time frames? So this may look to some ofyou as a break on the hourly duer to candle closures so why would i be selling when price has been closing above this area?... Well, the structure zone is based off the daily time frame so come the end of today if the trade goes to plan we should see we had price wick up passed this structure durung the London open and then it fall due to being over bought.
So my entry point here was based on a strong bearish rejction and also being back in the structure zone we were waiting for.
Let's see how this plays out.
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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.