MY THOUGHTS FOR AUD/USD
AUD/USD 15M - I am wanting to take advantage of some downside movement again and I have seen that price has traded into an area of Supply and shown some great rejection to the downside suggesting a potential reversal.
We have seen that price has broken a fractal protected low which gives us further confluence of a potential down move, I would like to see price trade us back up and into the area of Supply marked above before taking its next leg lower.
This will allow us bears to get in at a good price with a more refined entry and a better risk to reward ratio. It would also help build further confluence for the trade as price would be a setting a lower high.
Once price trades us back up and into the Supply Zone I want to see another fractal break this time on the 1M confirming the end of the correction and the start of the next impulse.
We have seen that price has broken a fractal protected low which gives us further confluence of a potential down move, I would like to see price trade us back up and into the area of Supply marked above before taking its next leg lower.
This will allow us bears to get in at a good price with a more refined entry and a better risk to reward ratio. It would also help build further confluence for the trade as price would be a setting a lower high.
Once price trades us back up and into the Supply Zone I want to see another fractal break this time on the 1M confirming the end of the correction and the start of the next impulse.
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