Hi all,
Here is my outlook on the AUDUSD. Please feel free to make comments as I am open to any input. Hope this may help others.
Analysis/ Trade Plan for the AUDUSD
Daily Chart shows a down trend that broke a recent Demand Level (Gray Area) and Heading into another.
4 Hour Chart is in a down trend hovering above the next Major Demand Level.
30 Minute Chart
Keeping both of the larger time frames in mind I will be looking to take small Short trades on pullbacks into smaller Supply Levels on the 30, 15 and 5 minute charts until Demand is reached.
I will then look for a long entry.
I say small in the sense of in and out at 1:1 or 2:1 because of the larger demand level just below.
(Still need to have the minimum 3:1 odds enhancer in place to take the trade.)
I usually enter with 4 units (micro, mini or standard lots)
In this scenario I will take 3 off first at 1:1 or 2:1 and move stop to Break Even.
Then manage the last unit.
P.S. Also be aware that we are at parity. This should bring some interesting trading this week???
P.S.S.
Dollar index is coming into Supply which reinforces the demand level on the AUDUSD
Good pips to all!!!!
Here is my outlook on the AUDUSD. Please feel free to make comments as I am open to any input. Hope this may help others.
Analysis/ Trade Plan for the AUDUSD
Daily Chart shows a down trend that broke a recent Demand Level (Gray Area) and Heading into another.
4 Hour Chart is in a down trend hovering above the next Major Demand Level.
30 Minute Chart
Keeping both of the larger time frames in mind I will be looking to take small Short trades on pullbacks into smaller Supply Levels on the 30, 15 and 5 minute charts until Demand is reached.
I will then look for a long entry.
I say small in the sense of in and out at 1:1 or 2:1 because of the larger demand level just below.
(Still need to have the minimum 3:1 odds enhancer in place to take the trade.)
I usually enter with 4 units (micro, mini or standard lots)
In this scenario I will take 3 off first at 1:1 or 2:1 and move stop to Break Even.
Then manage the last unit.
P.S. Also be aware that we are at parity. This should bring some interesting trading this week???
P.S.S.
Dollar index is coming into Supply which reinforces the demand level on the AUDUSD
Good pips to all!!!!
Attitude can reflect outcome in life and trading!