AUDNZD : Insane Analysis, don't loose 400 pips profit!
Updated
Chart Description :
1. a major ascending channel which price is in the lower part of it.
2. a very strong resistance which price touched it recently and tried for breakout and failed till now.
3. a minor descending channel which you can have a better view of it in H4 time frame. Price recently reached the upper trend line of this channel.
4. 150 EMA which acts as support for the price base on history of price. We can use 100 MA too but EMA looks better.
5. RSI shows us a Trend line breakout , as you know RSI actually signal this event before it’s happening.
6. Most interesting thing in this chart is a Formed Bullish Flag which recently reached almost to 61.8% Fibbonacci retracement level of the flag pole. I did not include that retracement level in the chart.
7. a Fibonacci extension level of flag pole , flags usually reach 100% extension of the pole.
So as you can see situation is not that easy to analyze but most of our insights signaling us a bullish move to upside of the Major ascending channel.
This move confirms in one condition:
Price breaks the resistance with a strong candle and after a pullback we can be sure its gonna go that high.
If price broke the support below it we can consider another moves but it’s not that possible to happen.
**Trading Plan**
Entry point : long position confirms only if the price break the resistance and minor descending channel and close above them with a strong move , in this case we could wait for a pullback or not and just enter long.
You could also enter after the price retests the support one more time , it has a less probability and better R/R ratio.
Take Profit : bullish flag’s target is 100% extension of it’s pole but we have three key prices in our way to there. First we have 1.0000 which is a important psychological level, then we have last swing high which i prefer to call it our second tp and third one is a swing high in 2018.
TP#1 : 1.0000
TP#2 : 1.1000
TP#3 : 1.11600
TP#4 : 1.12000
Stop Loss : stop level is determined based on your trading strategy and entry point but if everything goes well as I predict our stop should be below strong resistance level.
Wait for further updates on this pair.
This was Full analysis of AUDNZD , please like if you found this idea interesting and let me know if you have any questions , comments or observations.
Let’s go and visit my last ideas, follow me for further ideas like this.
Thank you.
1. a major ascending channel which price is in the lower part of it.
2. a very strong resistance which price touched it recently and tried for breakout and failed till now.
3. a minor descending channel which you can have a better view of it in H4 time frame. Price recently reached the upper trend line of this channel.
4. 150 EMA which acts as support for the price base on history of price. We can use 100 MA too but EMA looks better.
5. RSI shows us a Trend line breakout , as you know RSI actually signal this event before it’s happening.
6. Most interesting thing in this chart is a Formed Bullish Flag which recently reached almost to 61.8% Fibbonacci retracement level of the flag pole. I did not include that retracement level in the chart.
7. a Fibonacci extension level of flag pole , flags usually reach 100% extension of the pole.
So as you can see situation is not that easy to analyze but most of our insights signaling us a bullish move to upside of the Major ascending channel.
This move confirms in one condition:
Price breaks the resistance with a strong candle and after a pullback we can be sure its gonna go that high.
If price broke the support below it we can consider another moves but it’s not that possible to happen.
**Trading Plan**
Entry point : long position confirms only if the price break the resistance and minor descending channel and close above them with a strong move , in this case we could wait for a pullback or not and just enter long.
You could also enter after the price retests the support one more time , it has a less probability and better R/R ratio.
Take Profit : bullish flag’s target is 100% extension of it’s pole but we have three key prices in our way to there. First we have 1.0000 which is a important psychological level, then we have last swing high which i prefer to call it our second tp and third one is a swing high in 2018.
TP#1 : 1.0000
TP#2 : 1.1000
TP#3 : 1.11600
TP#4 : 1.12000
Stop Loss : stop level is determined based on your trading strategy and entry point but if everything goes well as I predict our stop should be below strong resistance level.
Wait for further updates on this pair.
This was Full analysis of AUDNZD , please like if you found this idea interesting and let me know if you have any questions , comments or observations.
Let’s go and visit my last ideas, follow me for further ideas like this.
Thank you.
Note
Breakout from minor descending channel!
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