#12 – AUDUSD (Dollar weakening)

Majority of the currency pairs are gaining on the dollar

Screen Shot 2017-07-15 at 10.32.09 am.jpg

Spotted USD weakness over on its index and an opportunity to hedge against it through AUDUSD. Monthly trend seems to be forming bullish characteristic as it tries to break off previous high. Bullish momentum is strong in the volume indicator.

Screen Shot 2017-07-15 at 10.35.02 am.jpg

During May, price action has failed to break key Weekly level and since then, market has been making strong progressive bullish candlestick. As you can see, multiple rejection of a bearish pull down.

Screen Shot 2017-07-15 at 10.37.58 am.jpg

On the Daily Chart, Market bearish channels were broken as soon after formed bullish trend characteristic. This was what got me into preparing an entry into this pair.

Screen Shot 2017-07-15 at 10.41.18 am.jpg

On the 4Hour Timeframe, A channel was spotted, and the immediate break off it with a doji was what led to a market entry. My exit strategy on the this was to exit when market showed weakness, which led to the 1:5 RR ratio.

Hopefully everyone caught it too 🙂

“Habit is built through repeated actions”



Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s