Major long idea for EURAUDHello peeps,
here we have a longer term trade setup.
This trade analysis is divided in HT (higher timeframe - weekly ) and DT (detail timeframe - 4h )
HT:
- bullish trend
- key W sup/res level
- touching 50 EMA
- wykoff: end of trend phase, which usually inherits a sell off and a continued contraction phase
- not a dead market with RVI > 30 (another indicator that we haven't entered a contraction phase)
DT:
- wykoff: identified last contraction phase (blue box), currently in expansion phase
- price hitting key HT supp. level
- smaller red candles and increased price action, indicating momentum loss
All the best,
c4ss10p314
