AUD/USD - SHORT
ENTRY DATE: 27/03/2023
ENTRY:
Daily chart shows a clear supply/demand zone that has been broken down and is now being retested for a potential short trade.
The presence of strong sellers is indicated by the wicks of the last two candles on the daily chart.
In the 1-hour time frame, we see a correction and a retest of the second zone of supply/demand.
An engulfing pattern in the 1-hour time frame suggests that sellers are ready to push the price down.
On the 4-hour time frame, we see a retest of the supply/demand zone, and a break of the downward retest trend. We are waiting for a correction before entering a short trade.
Take profit:
TP1 is at -0.277% Fibonacci level.
TP2 is at -0.618% Fibonacci level.
SL:
Set the stop loss above the last lower low.
---> Risk per trade 1% from capital.
Please note that the above analysis is for informational purposes only, and is not intended to be financial advice. Trading in the financial markets involves risk, and it is important to conduct your own analysis and research before making any investment decisions.
ENTRY:
Daily chart shows a clear supply/demand zone that has been broken down and is now being retested for a potential short trade.
The presence of strong sellers is indicated by the wicks of the last two candles on the daily chart.
In the 1-hour time frame, we see a correction and a retest of the second zone of supply/demand.
An engulfing pattern in the 1-hour time frame suggests that sellers are ready to push the price down.
On the 4-hour time frame, we see a retest of the supply/demand zone, and a break of the downward retest trend. We are waiting for a correction before entering a short trade.
Take profit:
TP1 is at -0.277% Fibonacci level.
TP2 is at -0.618% Fibonacci level.
SL:
Set the stop loss above the last lower low.
---> Risk per trade 1% from capital.
Please note that the above analysis is for informational purposes only, and is not intended to be financial advice. Trading in the financial markets involves risk, and it is important to conduct your own analysis and research before making any investment decisions.
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.