I have taken my final entry on my short of AUDUSD for this trade plan. The supply zone on lower time frames, broke through. I anticipated a possible push to 7300 area as a contract accumulation before resumption of downward move. Today we got a new Prime Minister AGAIN!
Going into NY session, we are seeing more bull power although now we are coming into the trendline resistance area, we have price 3 standard deviations from the mean on lower TF and signs of being overbought also on lower TF. The bull move today has exceeded the average daily range. Considering all points of confluence I have executed on my short.
This part is my opinion only. Knowing that retail traders are very aware of political pressure, there will be a lot of small money shorting the perceived uncertainty. Big fish like to snavvle up liquidity, and will take advantage of easy prey as people go short the AUD. With this in mind I wouldn't be surprised if we see aggressive moves up before another down move. . .
Overall on this trade, I am aware of having a bias to the downside that could work against me if I am not seeing other signs before me. Unless the trend line resistance breaks I am maintaining my downside bias.
Going into NY session, we are seeing more bull power although now we are coming into the trendline resistance area, we have price 3 standard deviations from the mean on lower TF and signs of being overbought also on lower TF. The bull move today has exceeded the average daily range. Considering all points of confluence I have executed on my short.
This part is my opinion only. Knowing that retail traders are very aware of political pressure, there will be a lot of small money shorting the perceived uncertainty. Big fish like to snavvle up liquidity, and will take advantage of easy prey as people go short the AUD. With this in mind I wouldn't be surprised if we see aggressive moves up before another down move. . .
Overall on this trade, I am aware of having a bias to the downside that could work against me if I am not seeing other signs before me. Unless the trend line resistance breaks I am maintaining my downside bias.
