Dali Haeusler-Thomas posted an update 3 years, 7 months ago
“Be careful of Drop bears in Australia”
Market Analysis : AUD/USD 4 HR SHORT
TradingView.com Link : https://www.tradingview.com/chart/AUDUSD/bNYGRYgL-Be-careful-of-Drop-bears-in-Australia/
There are multiple sign of a bearish movement that include :
– ABCD bearish pattern
– Closing Below a Resistance Level
– Hitting the Top of the channel
– RSI and Price Divergence
– he latest top candle was an upside down hammer showing the strength of sellers
While I will have to see what the price open at on monday to make a proper entry I’m going to aim for a 2/1.
Entering around the middle of the channel which should line up with the 0.38 fibo retracement of the latest move and a smaller support level .
Any things you think I’m missing? Feel free to critique and discuss!
If I would be trading based on that I think I would be looking to enter at the outside of the chanel, when prices bounces at the outer levels if you understand. I would also look at higher timeframe to get a clue where price is heading, but as always, anything can happen:-) The reason i would look for entry at the outer levels is because the risk is very low and you can have for example 2 targets, one at 50% of the chanel, 2nd at the outer level, when price hits target 1, move SL to BE and cut your risk.
Just a thought.
Yeah I understand,I might be being a bit to aggressive on the entry and gett stopped out from market noise. Especially trying to enter a short inside a strong bull channel. Thanks for your insights Mat.
Having multiple targets in my trading is something i’m just learning/getting used to now.