2 days back, I outlined my strategy for trading Aussie, I was expecting a bounce if price breaks the down-sloping trendline.
it finally broke above the trendline last week and AUDUSD is now completing the C-D leg of the shark pattern.
PRZ1 is around 0.7030-0.7035.
PRZ2 is around 0.7060
Shark has multiple PRZs, the critical part is about when to execute the trade.
A simple trigger I use is to wait for a break of up-sloping trendline connecting the lows along C-D.
Once it breaks below this trendline, i will go short.
If RSI shows a divergence or a RSI bamm, this short trade will likely have a higher chance of success.
Stops has to go above XC 1.27, targets will be at CD 0.50 and 0.886.
Good luck and good trading everyone!
it finally broke above the trendline last week and AUDUSD is now completing the C-D leg of the shark pattern.
PRZ1 is around 0.7030-0.7035.
PRZ2 is around 0.7060
Shark has multiple PRZs, the critical part is about when to execute the trade.
A simple trigger I use is to wait for a break of up-sloping trendline connecting the lows along C-D.
Once it breaks below this trendline, i will go short.
If RSI shows a divergence or a RSI bamm, this short trade will likely have a higher chance of success.
Stops has to go above XC 1.27, targets will be at CD 0.50 and 0.886.
Good luck and good trading everyone!