On the AUD/USD
I'm late on this but I'm posting it anyway because there's still room to enter this trade.
Fibonacci: Price seems to be reversing. It broke the 0.382 Fib level confirming a reversal. When I draw multiple Fibonacci from the recent swing high to multiple swing lows, there's an overlap at 0.74478 which indicates a strong support.
Elliot Waves: Breaks down at 4th wave, no valid formation.
I used M Pivots to try and predict the days range for Monday from 0.74530 to 0.75290.
Abandon Trade: If price bounces off 0.382 Fib, I will consider this a retracement instead of reversal and abandon this setup.
Neutralize MACD: The MACD will neutralize and I will hold if it drops below 0.
Summary:
1. Watch for the price to hit 0.74762.
2. Enter on the candle that closes below 0.74762.
3. Set my SL at about the 1.272 Fib level.
4. Set my TP at about 0.382 Fib Level from recent retracement. This would give at least a Risk/Reward Ratio of about 2.15 with about 51 pip gain.
I'm late on this but I'm posting it anyway because there's still room to enter this trade.
Fibonacci: Price seems to be reversing. It broke the 0.382 Fib level confirming a reversal. When I draw multiple Fibonacci from the recent swing high to multiple swing lows, there's an overlap at 0.74478 which indicates a strong support.
Elliot Waves: Breaks down at 4th wave, no valid formation.
I used M Pivots to try and predict the days range for Monday from 0.74530 to 0.75290.
Abandon Trade: If price bounces off 0.382 Fib, I will consider this a retracement instead of reversal and abandon this setup.
Neutralize MACD: The MACD will neutralize and I will hold if it drops below 0.
Summary:
1. Watch for the price to hit 0.74762.
2. Enter on the candle that closes below 0.74762.
3. Set my SL at about the 1.272 Fib level.
4. Set my TP at about 0.382 Fib Level from recent retracement. This would give at least a Risk/Reward Ratio of about 2.15 with about 51 pip gain.