On the AUDUSD I had a bearish trade based on this trendline earlier today, which just got stopped. Now I'm looking to enter long, based on the breakout of the trendline. The price indicates future possible Please wait for a confirmation of the breakout (i.e. a close of the daily candle) before entering.
Where would I place my stop loss? Around the 0.72650 area.
Komentarz
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Still no confirmed breakout.
Komentarz
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Target 1 hit.
Komentarz
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This thing is going crazy!
Komentarz
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Still no real sign of a retracement. Looking good.
Based on Market Profile (volumes) and Price Action there is very strong swing support at 0.7246. There was about 2 week rotation where the big players accumulated their long trades and then moved the price agressively higher. You Can see this strong trading activity even on yearly volume profile!
If the price comes back to 0.7246 I think that the agressive buyers will come again and push the price higher once more.
Here is my analysis:
11021992
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@Trader_Dale, Can you explain a bit on how to read this your chart? I'm not very familiar with that thing at the right.
compalisator
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@Trader_Dale, i think that i understand this thing... it emphasizes where big resistance or support is right? I love it! Where did you get it if i may ask you ?
11021992
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@Trader_Dale, Well, I get the main idea that there is a lot of money, which makes sense, but it still doesn't show direction to me.
menyuken
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Bearish Cypher?
11021992
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@menyuken, Yep, good spot. Might take a few days before we get there, but I'm interested for sure.