AUDUSD looks to me like it might drop slightly from where it is at right now to form the second shoulder of the H&S pattern.
Reasons I will be looking for longs in green zone :
Potential formation of second shoulder
Potential confluence of 50&100 EMA
Trendline
Potential ABCD formation completion (if price does indeed go down from where I marked on trade idea I will post in comments)
Will keep an eye on RSI, doubt it will be oversold unless price falls quickly toward the potential longing zone.
I will post short setup I am eyeing out (please note I will not be taking this one as it is more counter trend on my timeframes & I focus primarily on trend trading only) in the comments here if it occurs & will update this chart on any long setups (post confirmations) that might occur in identified longing zone.
Reasons I will be looking for longs in green zone :
Potential formation of second shoulder
Potential confluence of 50&100 EMA
Trendline
Potential ABCD formation completion (if price does indeed go down from where I marked on trade idea I will post in comments)
Will keep an eye on RSI, doubt it will be oversold unless price falls quickly toward the potential longing zone.
I will post short setup I am eyeing out (please note I will not be taking this one as it is more counter trend on my timeframes & I focus primarily on trend trading only) in the comments here if it occurs & will update this chart on any long setups (post confirmations) that might occur in identified longing zone.
Komentar:
Orange zone is where I would look for a shorting opp on this one & red zone is where I believe price will potentiall find the largest amount of resistance. I will post is price does anything that suggests we are in for a sell off
Komentar:
after a bried pause, price blasted through the point of most resistance.
The momentum behind the move is strong so need to see a very strong reaction from the bears in order to short this - will update if/when it happens
The momentum behind the move is strong so need to see a very strong reaction from the bears in order to short this - will update if/when it happens
Komentar:
Price has now dropped to potential buy area with massive mometum, I will be watching the price action here when I can (night time here) to find an entry. At this point in time, the long from here is not appealing unless we see a big reaction from bulls. If this trendline breaks and we keep plummetting, another potential head and shoulders is forming in the other direction.
Komentar:
bearish HS pattern is now possible too
