Possible Head and Shoulders coming up for AUDUSD M15/M30.
As you can see it is following the Uptrend, while respecting the Key Level of (0.69991).
speculatively waiting for the retracement to or around the (0.70153) area.
while it has respected the "Neckline" area of the Head and Shoulders formation as resistance AND support, we can see that price is more in a consolidation zone at the moment, we will exercise patience in order to obtaine a "sniper entry" once this pair has reached a potential shorting position of (0.70153 - 0.70198).
I have set my TP1 (49P) away and TP2 (89P) away at respected areas of price action for the pair
which are intraday SR levels of...,
TP1- (0.69669)
TP2-( 0.69276)
I have set my SL a healthy 25P away from current price action, as the ATR is showing a 0.00138. Leaving me a little bit of extended room for movment on this trade setting my Rewards to Risk at a healthy (3:1) Ratio.
SL- (0.70442)
Any thoughts on this speculative move?
Thank you.
As you can see it is following the Uptrend, while respecting the Key Level of (0.69991).
speculatively waiting for the retracement to or around the (0.70153) area.
while it has respected the "Neckline" area of the Head and Shoulders formation as resistance AND support, we can see that price is more in a consolidation zone at the moment, we will exercise patience in order to obtaine a "sniper entry" once this pair has reached a potential shorting position of (0.70153 - 0.70198).
I have set my TP1 (49P) away and TP2 (89P) away at respected areas of price action for the pair
which are intraday SR levels of...,
TP1- (0.69669)
TP2-( 0.69276)
I have set my SL a healthy 25P away from current price action, as the ATR is showing a 0.00138. Leaving me a little bit of extended room for movment on this trade setting my Rewards to Risk at a healthy (3:1) Ratio.
SL- (0.70442)
Any thoughts on this speculative move?
Thank you.