JUST WANTED TO POINT OUT THIS TENSION ZONE. PRICE IS STUCK BETWEEN THE UPPER TRIANGLE AND THE 50SMA AND 20SMA. THIS TENSION WILL USUALLY CAUSE A BREAKOUT TO EITHER SIDE. GREEN BREAKOUT UPWARDS RED BREAKOUT DOWNWARDS (LESS LIKELY DUE TO THE W1 BULLISH ENGULFING BAR PRESSURE)
I AM ALREADY LONG AT 0.7700 AND HAVE SL AT BE AS TENSION IS BUILDING I WANT TO MINIMISE LOSS.
PRICE HAS ALSO RETESTED WITH SUCCESS PREVIOUS RESISTANCE TURNED SUPPORT (INDICATED BY RED ARROW) IF THIS HOLDS, BREAKOUT UPWARDS IS MORE LIKELY AS THE 50SMA AND 20SMA WILL ACT AS SUPPORT TOO.
BEST OF LUCK, SUBSCRIBE COMMENT AND LIKE MY IDEAS IF YOU AGREE OR DISAGREE.
Careful with going long here, I think my EW count might be valid, even if the specific labels change, the direction might be down after the RBA speech.
PriceActionTrading
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Alright. Thanks for your advise Ivan. Have already went long last week @ 0.77 and closed @ 0.78 because of that W1 AUDUSD idea i posted. I think it is still valid too. But anyways, good luck.
PriceActionTrading
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PRICE CLOSED ABOVE THE TRIANGLE.
BUY @ RETRACEMENT @ 0.7700 REGION.
THIS TRADE IS RELATIVELY SAFE DUE TO MY AUDUSD W1 OUTLOOK STILL BEING VALID.
AND CORRELATION WISE SUGGEST USD PAIRS MAY FACE UPSIDE POTENTIAL.
PriceActionTrading
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AND ALSO,
D1 PRICE HAS SUCCESSFULLY CLOSE ABOVE 20SMA FOR 6 BARS STRAIGHT.
USUALLY I WILL TAKE THIS AS BULLISH CONFIRMATION/BIAS. BUT GIVEN THE SELLOFF OF NZDUSD AND GBPUSD/EURUSD. NOTHING IS CERTAIN.
CORRELATION WISE IS UNSTABLE.
THIS TRADE IS GOOD FOR THE W1 SIGNAL THAT IT GAVE US LAST WEEK POSTED IN MY OTHER IDEA. THUS, PATIENCE IS NEEDED FOR THIS TRADE AS IT IS A W1 SIGNAL.