SND
Gold Potential Short position for XAUUSDAs you can see price failed to make new high today and price have been retest high during Asia Session for fake out/manipulation. For coming hours and there is news for USD at 2030hrs (Malaysia Time) i predict price go up first to find liquidity and go down for find high liquidity at previous day low at price 1483.50.Please be careful at price 1490-1492 since there is high liquidity at that price and not yet test today.Price target to go down at price 1483 for first TP and 1479 for 2nd TP.
Analysis:
1)TrendLine:Price have been break daily and H4 lower trendline and now price go up to retest trendline and go down.
2)Support and Resistance at High TimeFrame-Monthl,weekly and Daily.
3)Breakout at Support and resistance
As you can see in line chart price make base price want to go down.
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H4 AUDUSD Short Term Shorting OpportunityLong term analysis for AUDUSD is Uptrend in general.
However there are always opportunities to go LONG and SHORT based on different time frame considerations.
Found a nice Bearish Bat on H4 on this pair and it is completing soon at Point D (0.68690). Different approach to this trade (Stop loss as required):
1) Short at Point D but note that there are basing action prior to D completion. Aim for TP1 full exit or partial exit and set SL to breakeven to protect the position. Full exit at TP2.
2) Let the pattern complete at D, look for bearish candle and sell the pull back.
3) Do nothing and let the price play out since this Bat formation may fail which create a buy opportunity (a strategy that I had personally tested out numerous times)
Ultimately I am looking to buy at the area if Price gets there... so shorting it down is just an alternative for traders who are looking for more trade opportunities.
Do like and share this post. I use a combination of trading strategies such as Supply & Demand ( SND ), Harmonics Patterns, Multiple Time Frame Analysis , Candlestick Analysis to name a few. Follow me if my trading style suits you as I will be posting new trade ideas and analysis regularly.