How To Break Down A Chart!! AUDUSD- Bullish This Coming Week!!!
Do you know what you need to know about what chart's are telling? Do you speak the language of price action?
Look @ AUDUSD- what do I see?
- Price action on last day of trading just stop right on/above a MAJOR support of pair, so should reverse this week UP.
- Let's put a Fib Retracement indicator on top of low & high's of price from start of this year to into April last month. Where is price action now? It's in the 50%, which is one of the highest reversal price action areas ( be aware).
- Can we put Elliot impulse waves (1-5) on upward price action? Yes
- Can we put Elliot impulse waves (1-5) on downward price action? Yes
- BB indicator price action now is outside, so before price action changes it will go back inside of BB indicator soon.
- Remember this is a daily chart, so price action might go down to a psychological price action, like 0.73000, before going back up this week. You should look at 1 hour charts for this turn around & for more concise price action info.
- Finally, all of my noted MA's & EMA's on chart have been broken by the down trend in price action, except the 200 MA, which is a MAJOR MA on any time frame, but more substantial on higher time frames, like this daily chart.
- Lastly, noted RSI is showing a very oversold situation at this time, so be ready for the BULLS or change of price action direction this coming week. I believe that all trader's need to aware of the BIG picture, before trading. This will keep you on the right side of TRENDS, S/R & understand what the individual pair's are telling you, which is a lot. Please trade with knowledge, so you don't just give your hard earned M$NEY away, to your broker. Just Win!!!
Look @ AUDUSD- what do I see?
- Price action on last day of trading just stop right on/above a MAJOR support of pair, so should reverse this week UP.
- Let's put a Fib Retracement indicator on top of low & high's of price from start of this year to into April last month. Where is price action now? It's in the 50%, which is one of the highest reversal price action areas ( be aware).
- Can we put Elliot impulse waves (1-5) on upward price action? Yes
- Can we put Elliot impulse waves (1-5) on downward price action? Yes
- BB indicator price action now is outside, so before price action changes it will go back inside of BB indicator soon.
- Remember this is a daily chart, so price action might go down to a psychological price action, like 0.73000, before going back up this week. You should look at 1 hour charts for this turn around & for more concise price action info.
- Finally, all of my noted MA's & EMA's on chart have been broken by the down trend in price action, except the 200 MA, which is a MAJOR MA on any time frame, but more substantial on higher time frames, like this daily chart.
- Lastly, noted RSI is showing a very oversold situation at this time, so be ready for the BULLS or change of price action direction this coming week. I believe that all trader's need to aware of the BIG picture, before trading. This will keep you on the right side of TRENDS, S/R & understand what the individual pair's are telling you, which is a lot. Please trade with knowledge, so you don't just give your hard earned M$NEY away, to your broker. Just Win!!!