AUDNZD 4h Resistance TL & Retest
So we have a decent resistance TL, and there can be some argument here about its validity because there have been enough highs on this chart to plot 10 different trendlines.
The reason I am using this trendline is because in the first green and red circle, the trendline was confirmed.
1st green - trendline created
1st red - trendline retested and lower high is created
At this point, there was a double top formation and price dropped to the mid 1.03s
Now price went up again, tested the resistance TL:
2nd green - trendline retested again
2nd red - lower high may possibly be created, price gets rejected from trendline, at this point we sell, and add to our position once 1.0450 area is broken by bears.
The reason I am using this trendline is because in the first green and red circle, the trendline was confirmed.
1st green - trendline created
1st red - trendline retested and lower high is created
At this point, there was a double top formation and price dropped to the mid 1.03s
Now price went up again, tested the resistance TL:
2nd green - trendline retested again
2nd red - lower high may possibly be created, price gets rejected from trendline, at this point we sell, and add to our position once 1.0450 area is broken by bears.
Catatan
Going short now. Target is around where the arrow points. Stop loss above previous high.
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