AUS200 - STRATEGY FOR THE DAYThe AUS200 retest double top
Here is the strategy, once it open, if it below 8280, SHORT, if it open above 8292-96 SHORT,
STOP LOSS 8325
Target 1 8256-49
Target 2 at 8225-32
Aus200short
AUS200/ASX200 - HISTORY REPEAT ITSELFTeam, we are going for softball today,
SHORT ASX200 AT 8225-8232 ranges
with SOFT target at 8203-8198 -
AUS200Dear friends, what we are going to see in this post is why I'm waiting to go long on AUS200.
Price was travelling in the downward direction in the 4h time frame and now it is the verge of a breakout. As it is a breakout for the first time from the downward parallel channel, price will reverse as there is a supply zone at 7146.00 to 7183.80. Even though price is near to the 8h supply zone still price is coming from the strong demand zone. Now you can see there is a heavy buying pressure. Whatever AUS200 goes towards the supply zone still it is coming from a strong demand zone. So, shorting at this time is little is a bit risky but small profit can be expected. Don't expect too much. Just book the profit if you are shorting and sit quietly for the price action. Because it is very important to stay protected our capital in the stock market.
If you look at this chart the price has a strong support to retest to go upside. Trend is down in the lower time frame, and it is up in the higher time frame. As we all know that higher time frame controls the lower time. So, if you want to go short, yes you can. But don't expect too much. Price may or may not go up quickly. But all I expect is that the price will go down to take a strong support and then go up. If you are a breakout trader and you're on the verge of the market high, then you can plan your risk accordingly.
The current supply zone will prevent the price from going up. The traders who have taken the long position entrap bulls. Everyone rushes to open a long position as the price is going up rapidly. But after opening the long position the price starts to fall after the frenzy that heats up our head. If the price of this script starts falling, then the best place to open a long position is at 7029.00 or 6921.00.
Look at the chart attached for a better clarity. Avoid buying in haste. Perhaps 7110.00 is a good place to buy this stock if it closes above 7200.00.
But it is wise to follow your risk management before taking entry.
I love to share my ideas. Feel free to revise the text and provide feedback. It makes it so personal and improve us in better ways.
Thanks & Regards,
Alpha Trading Station
Disclaimer: This view is for educational purpose only & any stock mentioned here should not be taken as a trading/investing advice. We may or may not have position in the stocks mentioned here. Please consult your financial advisor before investing. Because Price is the "King of Market".
FXOPEN:AUS200
AUS200 as expected is trying to break the 7620 resistanceToday AUS200 tried to break a stong resistance at 7620. The market is not ready to drop just yet. It could be here for a while, possibly trying to go up once again to 7595- I doubt it will go higher than 7620.
The momentum is still there. On Monday is holiday in Australia and we expect some inflation news next week that might affect the market.
I am planning to open sell position around 7600, waiting for confirmation.
This is only my analysis, not a trading advice. Trade carefully
Short opportunity on AUS200 /SPI200 According to Resistance Level on 4H timeframe
Divergence on 1h time frame
Fibo retracement to 61%
TP ans SL
