-Firstly on the four hour we are in a area of congestion and sideways -We are making lower high -we have bounced of major long term trend line on the four hour with a Bearish candle -Previous candle was a doji -Also we created a corrective structure to the upside and we have broken it -So we are ready for the next impulse move to the downside -Not only Price action is bearish but also wave patterns are showing bearishness these two together a deadly combo! -We are also trading on the 0.5 FIB level on the lower timeframes
Daily -On the daily we are bearish in terms of trend (We are down trending) -This recent move up could be a correction before we see anymore bearish movement and building up steam for a big move down -On the daily we rejected the 0.618 FIB level which shows us the retrace or correction may be over and ready for some bearish movement again -Of course the lower highs are more seeable on the daily (clear down trend) -Also on the daily we got a tweezer top a sign of reversal :)
On the weekly -Once again we are down trending the trend is your friend -The past two weeks have been DOJIS on the weekly now we are at a strong trend line maybe time to get bearish candle ? to signify the down move -On the weekly we are getting lower lows which is great but this is more of a long term view
Overall im bearish across three time frames i do believe we need to go lower if we do want to see any bullish movemnt if it does come but thats for the future at the moment i believe AUDUSD next level will be 0.7000 Then possibly lower but for now 0.7000 is in sight after we had the Last impulse and corrective structure i think its time for a big bearish move All we can do is wait and see :)
My entry 0.70904 1-3% Risk Per trade
Trade safe all the best :)
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交易結束：達到停損點
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Trade absolutely ruined by news just one of those things small loss of 52 Pips still up over 120 pips for the week :)