Good morning readers, Today, HONORABLE have an interesting setup for our daily trading. Where this pair seems to be moving in a pattern for the past few days.
Check out the AUDSD in the weekly chart below:
Judging by the chart image above, the price appears HONORABLE closed in a bearish candlestick which is now in the consolidation area on a new chart (flight recorder) 2019, which became a kind of support this time. Just take a look.
For today’s entry recap, let’s look at the AUDUSD in the 1-hour chart below:
Based on the image above,
I’ve found Even the following intraday support and resistance prices:
Resistance2 (R2): 0.6867
Resistance1 (R1): 0.6839
Support1 (S1): 0.6789
Support2 (S2): 0.6762
On the picture above you can see the price HONORABLE still bogged down in strength, with an attempted slight recovery ahead of the market close that still hasn’t made a strong sign to counter the multi-week bearish impulse. US Dollar sentiment continues to be the primary driver of Australian transactional interest.
Also focus today on analyzing the price reaction near the chart levels to confirm the clarity of interest and direction, while we still need to stick to what is on the daily chart and also the sentiment related to risk taking is going on. Remain factual!
Use the volume type indicator to help us see the strength of the trade in each candle.
The R1 level and S1 level today also measure how much pressure is being received today from the buy and sell sides for price reaction (breakout or rejection) at either of these levels to clarify entry opportunities and price direction for today.
Also note the formation of a consolidation pattern between the R1 level and the S1 level today.
Let’s see and be patient.
Well, in my view/prediction, based on the price action analyzed above, today we will try to see the available entry points. But technically not allow assumptions play then the best entry we can make is we will continue to see movement FINAL PRICE Pada candle 1 hour.
My setup for breakout opportunities HONORABLE
Obtain : If the price of the 1-hour closing candle breaks the R1 level, then get ready to look for the best BUY entry position. You can also let your position reach the R2 level (the strongest resistance level today) to see the market reaction to this level to go back up or not.
To sell : If the price of the 1-hour closing candle pierces the S1 level, then get ready to look for the best SELL entry position, you can also let your position reach the S2 level (the strongest support level today), to see the market reaction to that level to go back down or not.
My setup for the pullback opportunity
To sell : If the price of the 1-hour closing candle fails to penetrate the R1 level (e.g. forming a bear header), then be prepared to look for the best SELL entry position, but if the price breaks this level reaches and breaks through, prepare for a cutting loss. Can also be used at level R2.
Obtain : If the price of the 1-hour closing candle fails to penetrate the S1 level (e.g. forming a bull pin bar), then prepare to find the best BUY entry position, but if the price breaks through this level reaches and breaks through, then prepare to cut loss. Can also be applied to S2 level.
Use Risk reward always at least 1:1 or 1:2 and a trailing stop loss (manual or automatic) if required. You can use support and resistance levels for your analysis reference to set stop loss and perform cut loss, stay alert for price consolidation.
Continue to use good money management in each entry for continued healthy trading. Hopefully this article can be your reference in analyzing the market.
A NOTICE: If there is a pair that you would like to request for analysis, you can write it in the comment column, I will try to publish it in the next post. Many Thanks.