the breaking out is so slowwwwww..... nd why u think the target is 0.8029 rather than the target for a typical cup and handle trade? just wondering :)
ddreamz
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@AshaDi, What in the world is cup and handle ? I mean I don't really follow this nonsense. Basically I am not always publish my analysis but just the opportunity I take after it.
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 ;)
AshaDi
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@ddreamz, u reckon the market gonna drop now after retest the support line ? :)
ddreamz
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@AshaDi, Not sure. That was only a trade. This setup from the daily is quite powerful. You can keep track of the higher time frames in order to get an idea where the price could pause or drop.