technical trading patterns
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Oil Trade Redux – I goofed on the Oil instrument, Analysis is good, but this is the real chart.
AUDUSD Day Trading, 6A Futures-Contract
Head and Shoulder Pattern, give us Short Direction on AUDUSD
As you all know, I mention this Pattern long time ago, and it finally give us a Direction.
Right Now, Seller taking a break, since we hit 2 resistance ( Greet Bullish Trend line and My Fuchsia Resistance).
On volume side, you can see, that Sellers was as strong as first time. Will see if they can keep this commitment for next move short.
What Next? AUDUSD creating a Bearish Trend, and will see if we stay in till we hit 0.9650 price.
For next week, I will like to see market go back to my consolidation zone. A this level Buyers will hit 2 sellers resistances. 200MA and my “My Buyers Resistance“. IS also Targets for Long direction. I reccomand to wait till buyers get at this level, and then take a short one. Why? On last move short, Sellers was as strong as first time, And I don’t see a clear signal to go Long on 1440min Chart.
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AUD/USD Day Trading using Futures Contract 6A
AUD/USD Day Trading Weekly Chart
1.0360, is the price Aussie never close above for few months.
Right now Aussie are looking to make an H&S ( Head and Shoulders pattern). After failing to keep price above 1.0360 , Aussie price start to fall. the second shoulder should be at the same price as 50MA. I’m looking for AUD/USD price bounce at this level.
AUD/USD Day Trading 480min Chart
Here we have an “M” pattern. Right now, we are in a consolidation zone, and even better Aussie price are between MA50 and MA200. Depending if we bound or pass the double bottom of “M” pattern we will get are direction. If we Close under this double bottom, I’m looking to go till my 3rd Short target. This way we will get H&S pattern on weekly chart.
Short: Is what I’m looking for. nothing compicated, for short , just look with how much stengh sellers will pass the double bottom price. Targets: 1.028 – 1.026 – 1.021
Long: If you looking to take this trade, wait till sellers return to the double bottom. If sellers try with lower volume than last time, it can be a very good Long trade. Targets: 1.034 – 1.035 – 1.038