AUDUSD M15 + H4 Update
Updated
AUDUSD update based on the H4 AUDUSD analysis I made in my previous post. Price is currently still respecting the H4 channel. However, I have noticed that a smaller bearish channel has formed in the M15 timeframe where lower highs and lower lows and continuously being formed. As such, I believe that once prices finish this wave of movement in M15 and touch the upper channel in M15, the price will reject it and move towards the bottom of the H4 channel.
Take profit and stop loss will still be the same. For those who are seeing my AUDUSD analysis for the first time, you can check out the H4 AUDUSD analysis I did yesterday, here:
However, I will be shifting my entry point slightly lower at 0.69928. This is to match the new M15 channel we have identified.
On the flip side, if you would prefer to enter a trade only based on the M15 analysis, you can set your entry at 0.69928 but shift your stop loss to 0.70169 and take profit level to 0.69439. As usual, once profit hits >25% to 30% of our profit target, we will shift stop loss to entry and set a trailing stop loss.
Take profit and stop loss will still be the same. For those who are seeing my AUDUSD analysis for the first time, you can check out the H4 AUDUSD analysis I did yesterday, here:
However, I will be shifting my entry point slightly lower at 0.69928. This is to match the new M15 channel we have identified.
On the flip side, if you would prefer to enter a trade only based on the M15 analysis, you can set your entry at 0.69928 but shift your stop loss to 0.70169 and take profit level to 0.69439. As usual, once profit hits >25% to 30% of our profit target, we will shift stop loss to entry and set a trailing stop loss.
Trade active
I currently have an entry at 1.69853, but if prices move up to 0.69928, I will enter a second position.Trade active
Sorry, I made a typo in the previous comment, it is supposed to be 0.69853*. I have opened a second position at 0.69914.Trade closed: target reached
25% Profit Target Reached. Move Stop Loss to Entry and Set Trailing Stop Loss.Trade closed: stop reached
Trade closed at 0.69853.
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