This week, there will be high impact Aussie news on Wednesday.
I expect low volatility from Monday till Wednesday, the price AUDUSD is at before the news release is critical.
AUDUSD is still on a strong downtrend on the 4 hour chart, I will be more willing to hold on to short setups if an opportunity presents itself.
In this case where I will be doing a countertrend trade(long on bearish trend), I will make sure I lock in my profits at each TP level.
Bullish Shark Pattern
EP 0.7530 - 0.7540
SL: 0.7495
TP1(38.2 Retracement of CD) 0.7590
TP2(61.8 Retracement of CD) 0.7620
I expect low volatility from Monday till Wednesday, the price AUDUSD is at before the news release is critical.
AUDUSD is still on a strong downtrend on the 4 hour chart, I will be more willing to hold on to short setups if an opportunity presents itself.
In this case where I will be doing a countertrend trade(long on bearish trend), I will make sure I lock in my profits at each TP level.
Bullish Shark Pattern
EP 0.7530 - 0.7540
SL: 0.7495
TP1(38.2 Retracement of CD) 0.7590
TP2(61.8 Retracement of CD) 0.7620
Note
Waiting for retest of upsloping trendline to go long around 0.7644
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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.