AUDUSD Long with 3 confluences (Zero Indicators)
Updated
List of confluences:
1. Trendline breakout
2. Breakout and close Key Level around 0.7184* on Daily Chart required as confirmation. This will mean change in market structure and new high created.
3: Inverse Head and Shoulder Pattern which can be seen on both the Daily Chart and The Four Hour Chart.
Summary: This trade has a potential Risk Reward (RR) of 3.28 to 1. We will only look of entries on the retest of key level 0.7184*.
The trade will be executed either using manual entry or pending order, depending on the location of price after the breakout.
Note
Inverse Head and Shoulders patterns has become more visible on Daily and H4 time frames. We still waiting for the setup to complete before considering to enter.Note
Looks like price is heading toward the key level. We need to wait for a breakout and close today in order to confirm the creation of a new low and the start of short term bearish market. If that happens we should start looking for entries as soon as tomorrow.
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