Aussie long position opportunity detailed information 4H

This is zoomed idea which revealed three soldiers formation triple bottom and 7500 level which stopped all attempts to go lower.

Losses were stopped by strong support mentioned in previous Idea, at 7500 which also created irregular head and shoulders pattern or triple bottom. This configuration of signals combined with three soldiers pattern on 4H chart makes it quite nice opportunity to enter the market. I marked double bottom from May last year and January this year. What we can see here that when the pair reached 7200 area it moved north very quickly. This price action is suggesting that the bulls have very strong buying power.

I would open position at current price with nice 3.5 Risk/Reward ratio.


I think it is worth the risk.