Entry Point practice AUD/NZD
Having looked at the week time frame, I managed use trend lines to find patterns. I used these trend lines to find support and resistance lines.
When I completed this I looked at the 4 hour view, and repeated the process. To keep the trend lines easier to identify and compare, these trend lines are purple. New Support and Resistance lines are orange. From this view I've been able to see where price has been tested against support and how its reacted. From the data shown prices are decreasing. However from the pattern shown in the 1 week timeframe I would expect a sharp uptrend soon. I would set my entry point at 1.0346, which is currently much lower than current levels, as I'm foreseeing the price decrease to continue a little longer.
When I completed this I looked at the 4 hour view, and repeated the process. To keep the trend lines easier to identify and compare, these trend lines are purple. New Support and Resistance lines are orange. From this view I've been able to see where price has been tested against support and how its reacted. From the data shown prices are decreasing. However from the pattern shown in the 1 week timeframe I would expect a sharp uptrend soon. I would set my entry point at 1.0346, which is currently much lower than current levels, as I'm foreseeing the price decrease to continue a little longer.