Just entered long on this pair. Primary target is the recent high. Will see if we get there if it can breach for a trend continuation or not.
The idea behind this trade is like something more. I can see AUD is a strong pair. But AUD/USD caught my attention since it is just moving sideways within a strong trend.
The daily shows a good area of holding after 0.7970 (which is now a support) and strong pin bars at the same spot. Hence, the price is supposed to go down after this, doesn't it?
However, strong pin bars or not it is not willing to go down and now whipsaws to the downside exactly where the breach happened creating something called a fakey setup ( just from the daily ).
From the H4/H1 perspective I am actually buying this thing with the idea to resume the overall picture but with an initial target - the top of this smaller time frame range, because it might not be ready to go yet.
So, this is some part of my analysis but I think you got my point.
its just some basic pattern doesn't matter that much. I got your idea.very nice! Thank ;)