Introducing the newest member to the average traders family. Decided to implement another pair, hopefully, this can give me more opportunities of high probability set-ups instead of me being impatient and trying to catch every move on 1-2 pairs. So here we are, All levels have been placed and will be seeing if any adjustments need to be made but backtesting this they seem pretty solid and the price is respecting levels nicely we😃 will see.
So let’s get down to today’s opportunities and the setups. TOP down analysis, always have a look at HTF to see the overall picture of the trend and the long-term direction. AUDNZD monthly TF is pretty messy but what we can see is last months candle closure was a very strong candle closing above key monthly level also breaking above previous high to form new high. Monthly moving average cross. Scaling down to the weekly TF we can see MA’s are also crossed to the upside.
We have seen price break below 1.10 found support at 1.085 where price has now pulled back towards to make LH, am expecting the price to fall to weekly mid-range before looking to go long.
I’ve actually taken a short for this pair. H2 engulfing candle formation, then i’ve scaled down to H1 and seen a Shooting star MA breaker
Hit the follow button for all entries, setups, targets and stop loss placements of taken trades