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AUDUSD Shorting Opportunity?After a couple of up days it looks like AUDUSD has run into and respected structure (upward resistance) on the daily chart at .7445ish. After bouncing off of that, support around .7413ish was broken to the downside but the next level of structure at .7374ish seems to be holding. Looking left to previous structure we'll run into structure turned resistance at .7413ish. AUDUSD already blew through this level on the way down so who knows if it'll hold. Since we did break structure on the way down, though, I'm interpreting that as a bearish signal. My trade is going to look like: Entry @ .7417 Stop @ .7455 Profit @ .7373 My entry point is just above resistance because I'd rather not get filled than have a trade that's less than or equal to a 1:1 risk reward; this trade will have a 1:1.4 risk:reward ratio. Further, I found this entry point by using the Fibonacci retracement tool with my swing high @ .7444 and my swing low @ .7372. What do you think is going to happen? Let me know in the comments!
Short
by slindstr
AUDJPY Shorting Possibilities AUDJPY has a lot of shorting potential at the moment, however any position we are going to take needs to be confirmed due to the subjectivity of the trades on offer - meaning I am expecting an overall selling direction but there are more than a couple of things price can do first which can be seen on the chart. Sell any breakout as and when it occurs - this is not my ideal setup but one I would like to get into IF it occurs before our other, more idealistic setups which I am going to mention now: My ideal setup consists of either getting in short at the red resistance level or, preferably, at the higher trend line at sell zone 2. The latter of the 2 will give us more confidence that price wont continue up any further allowing for tighter stops and better RR = more profitability. We will be expecting a breakout of this downtrend in the future (we have a lot of divergence on the daily to suggest this is the case) just like on other JPY pairs however we will not be looking for this long set up yet. As usual, take trades only after confirmation & good luck!
Short
by jamiekent123
AUDUSD 60min Balance AreaAUDUSD is at a Major inflection point in the Market. We are currently at a Daily Trendline and at Major Resistance. Right now the market is coiling up at Resistance. Now, it could be coiling up for an upside move through Resistance or may be coiling for a downside move to stay in it's current trading range on the Daily. We don't know. However, with all that said, I would give edge the Seller's just because of all the resistance we are sitting at currently. Also, the RSI is worth noting here. It went overbought and is now showing major divergence. I will wait for a break and close out of the balance area to give me direction. Target #1's are shown on the chart. Target #2 will be your discretion (Trail stops, structure, fib levels, etc) Stops will go 1 ATR behind the Breakout Bar. Best of Luck
by PateSkpate
1
EURAUD @ Daily SupportEURAUD is in a Descending Triangle on the Daily Time Frame. We are currently back at the bottom of the Triangle and at a Major Support level. This is a good spot to look for some sort of bottoming pattern on the Lower Time Frames such as a Double Bottom or some other simple pattern in this support level. The RSI is setting up to give us some really good Divergence if the DB occurs. I will be looking for a descent size bounce since this Support level is on the Daily and has acted as very strong support all year.
Long
by PateSkpate