Feeling Short on AUDUSD
Power of 3: Daily, 4 hour, 1 hour
1. Resistance Zone: 0.72670 - 0.71934
- Price rejected this zone October 1st and 5th with the result of price dropping down each time.
2. Stochastic Line Location:
-Above the top line of my Indicator which means price is overbought and looking to fall down soon IMO!
3. Analysis:
- Price has been on an uptrend since March of this year. Price eventually broke out of its upwards trend around September! Once price retested after breaking the uptrend (October 1st) Price then created a new lower low (October 7th). After creating a lower low, price is currently retesting the last high. However, going to the 5 min time frame (keeping the 4 hour information in mind), it looks like the stochastic lines are at the top on the indicator meaning that price is about to break hopefully. Furthermore, the last low on the 5 min was broken as well as price approaches the retest zone on the 4 hour.
"At some point this should fall" Looking to hold this into next week if no move is made by market closure!
Disclaimer:
This is an idea only! Please use proper risk management and use your best judgement. This is not a signal but a setup for sure!
Feel free to comment! Follow! Like! I want to network with the community as this is a nice hobby that I'm aiming to turn into a lifestyle!
1. Resistance Zone: 0.72670 - 0.71934
- Price rejected this zone October 1st and 5th with the result of price dropping down each time.
2. Stochastic Line Location:
-Above the top line of my Indicator which means price is overbought and looking to fall down soon IMO!
3. Analysis:
- Price has been on an uptrend since March of this year. Price eventually broke out of its upwards trend around September! Once price retested after breaking the uptrend (October 1st) Price then created a new lower low (October 7th). After creating a lower low, price is currently retesting the last high. However, going to the 5 min time frame (keeping the 4 hour information in mind), it looks like the stochastic lines are at the top on the indicator meaning that price is about to break hopefully. Furthermore, the last low on the 5 min was broken as well as price approaches the retest zone on the 4 hour.
"At some point this should fall" Looking to hold this into next week if no move is made by market closure!
Disclaimer:
This is an idea only! Please use proper risk management and use your best judgement. This is not a signal but a setup for sure!
Feel free to comment! Follow! Like! I want to network with the community as this is a nice hobby that I'm aiming to turn into a lifestyle!
Disclaimer
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