Hey guys,
i want to share with you this analysis i've made on audjpy. In the bigger picture (daily timeframe) price has recently broke and closed above a structure resistance, signaling the intention to go higher. Assuming that, i'm now looking for long opportunities down on lower timeframe (such as the 4H). Here we can see price is pulling back into the previous support and by doing that it has created a simple AB=CD pattern that completes right into the structure along with a .618 retracement of the bigger leg on the daily.
With this situation i'm waiting to see the price's reaction to this level, in order to buy if i notice some weaknesses.
Also pay attention to the RSI condition when price will come (if it will) to our zone, for an oversold condition could be used as another clue of price's reversal.
I'll keep you updated.
If you want to share your standpoint or ask questions, feel free to comment below.
Otherwise, see you in the next chart!
i want to share with you this analysis i've made on audjpy. In the bigger picture (daily timeframe) price has recently broke and closed above a structure resistance, signaling the intention to go higher. Assuming that, i'm now looking for long opportunities down on lower timeframe (such as the 4H). Here we can see price is pulling back into the previous support and by doing that it has created a simple AB=CD pattern that completes right into the structure along with a .618 retracement of the bigger leg on the daily.
With this situation i'm waiting to see the price's reaction to this level, in order to buy if i notice some weaknesses.
Also pay attention to the RSI condition when price will come (if it will) to our zone, for an oversold condition could be used as another clue of price's reversal.
I'll keep you updated.
If you want to share your standpoint or ask questions, feel free to comment below.
Otherwise, see you in the next chart!
