AUD/USD

Thank you for the compliment.

There's no concrete system per say. At the moment I am live testing median lines coupled with pivots. Renko charts have always appealed to me visually.

One thing I will say is I don't use the same brick size for different pairs. That never made much sense to me considering the difference in daily range between pairs. For this test I am using 13.3% of the average daily range over 20 days. Don't ask me how or why I use 13.3%. I'm extremely OCD when it comes to colors, numbers, etc. In this way I believe the analysis is much more consistent across all pairs.

Anyways, for the AUD/USD trade the ADR over the past 20 days was 63 pips as indicated on the chart. So 63 x .133 = 8.38 pips.

In my opinion, especially when using median lines, it doesn't make sense to use a uniform brick size for every pair. Why use a 5 pip brick for AUD/USD that moves 60 pips a day and use the same 5 pip brick size for GBP/NZD which moves 160 pips a day?

Aud/usd daily , h1

AUDUSD is trading below the resistance level 0.74287 in a technical 4-hour chart. I expect the bearish momentum to continue for next trading hours, pair would get first support at 0.74023 and if it sustains below this level then it will take second support at 0.73950. Further mounting pressure will force the pair to fall till level of 0.73722 after sustenance below the third support level at 0.73865

If it crosses the resistance level towards upside then it could face hurdle at second resistance level 0.74428 and may witness a climb till level of 0.74600 after breaching third resistance at 0.74506.

Frustrating to leave so many pips on the table. Another reminder to stick your analysis.

A couple of potential harmonic patterns nearing completion. Looking to get long.

AU DAILY

will it happen at 0.73593 , never know, lets see..

trade plan AUDUSD ;

wait any fast-thrust breaks trendline to go long
let she retraces it , pending order longstop
stoploss can be 2 places, below end of retrace or the previous low
target to high or 0.748318



invalidation ; no break happen and make new lows..

Short closed 80 Green Pips @ 7365

so far so good as planned .. shift SL to half or at end of retrace for set at the low



if get stopped, then re-calculate

The big chart still works, so does the support area .

Hammer formed on the weekly chart, testing just below key support level at 0.73708 yet to break the support line although it is being tested

Taking a short on the retest of .7420

Good Call

Thank you. SL moved to BE for now.

Definitely going to bounce off 0.7362. But I'm hoping for 0.7320 as a minimum. Not sure if I want to hold my position over the weekend though!!

daily chart

Here's a top-down technical perspective on AUDUSD.

On the daily time frame, the AUDUSD market has been in a consolidation phase for some time. Last week Wednesday, price action printed a relatively big bearish candlestick following a retest of a breached horizontal support around the 0.74800 area. However, as the candlesticks printed on Thursday and Friday last week were bullish, we may see bulls retest the 0.74800 area to flip it as resistance in the early part of this week. Such a flip is likely to provide impetius for a southward move. A descending trendline (black) from January 2018 high is in play and may act as resistance. The 0.72590 area is the immediate horizontal support zone.

The order flow on the H4 time frame shows a series of phases where a period of distribution is followed by accumulation/consolidation. The recent price action is a part of an accumulation/consolidation phase (blue). We may see a period of distribution or a southward flow of price action following this. How price action behaves within the minor ascending channel (consolidation), shown in blue, on the H4 time frame in the early part of this week should be of interest. I will track the market for a southward turnaround of price action around the channel resistance or an area proximal to the horizontal resistance around the 0.74800 area before looking for a sell trading opportunity.

I may be wrong. Trade safe and prosper.

KP

Attached Image (click to enlarge)

Attached Image (click to enlarge)

The pair continues to trade within the range, but it is showing bullish tone in the H4 chart. Next resistance can be found at 0.7483.

Am short the AUD looking for 0.7320 at least.
Hoping for some good data this afternoon coming out of the US. Might kickstart another move south!

aud/usd h1