Let's pay attention to this AUD/USD 4H chart for a moment. This pair is on a downtrend on the daily and weekly chart, I'm looking for a small movement counter-trend, so it would be risky. What are the conditions for the entry?
well there is the Kumo protecting the fall but we must see a confirmation of this level in the next 4H candle, also the 61,8% Fibonacci is there protecting the fall. I'm not saying it won't keep falling but we have space to speculate on this movement.
there is a nice swing of higher highs and higher lows, next high could touch the Daily trendline and then fall.
my stop will be just below the yellow Kijun Sen, 40 pips. Take profit around 0.7071, 100 pips.
Just my vision
well there is the Kumo protecting the fall but we must see a confirmation of this level in the next 4H candle, also the 61,8% Fibonacci is there protecting the fall. I'm not saying it won't keep falling but we have space to speculate on this movement.
there is a nice swing of higher highs and higher lows, next high could touch the Daily trendline and then fall.
my stop will be just below the yellow Kijun Sen, 40 pips. Take profit around 0.7071, 100 pips.
Just my vision