AUDUSD - When would I get Long?
(A) Successful breakout above Upper-Band of Negative Monthly Channel Trend.
(B) Break-Out above and successful back-test of 77 Week Wedge S/R Level at 0.7835.
Aggressive Bulls are currently looking at (B) and weighing up a 2R:R or better on Longs here if 0.7835 back-test holds.
I'm more cautious getting long AUD here and am presently long USD Index. So, I am inclined to wait for a more significant back-test into the .78-.765 area on a weekly timeframe. At that stage there would be increased potential for a deeper move into the .765-.74 Lower-Band of Weekly Positive Channel, so I will reassess again at that stage if we get there. But I feel a long at lower levels would better suit my style of risk management and trade selection process.
However, I will remain open to developments.
(B) Break-Out above and successful back-test of 77 Week Wedge S/R Level at 0.7835.
Aggressive Bulls are currently looking at (B) and weighing up a 2R:R or better on Longs here if 0.7835 back-test holds.
I'm more cautious getting long AUD here and am presently long USD Index. So, I am inclined to wait for a more significant back-test into the .78-.765 area on a weekly timeframe. At that stage there would be increased potential for a deeper move into the .765-.74 Lower-Band of Weekly Positive Channel, so I will reassess again at that stage if we get there. But I feel a long at lower levels would better suit my style of risk management and trade selection process.
However, I will remain open to developments.
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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.