AUDUSD Sell EOD trade setup – please evaluate yourself

This trade setup is a trend-continuation short. I’ll be waiting for the bar to close and place my order Sunday night, after the market opens. My target is the next key level- 0.9208

 

audusddaily_shortsetup

5 thoughts on “AUDUSD Sell EOD trade setup – please evaluate yourself

  1. AUD as always difficult for me. I was thinking along the lines

    1.weekly reveral happened since January.
    2. Daily are uptrend since Feb and in Phase 2 since 10 April(ignoring 15 may failed higher high as in phase 2).
    3. Daily have found floor at .9208 and also support from 50, 200 EMA and bouncing into phase 1.(I forgot to draw horizontal @93314)

    Had you not sent this great analysis I was planning to set up a Buy order.

    I’ll be placing Sell orders on Sunday now.

    Many thanks for sharing this with us.

    • Hi Rana,

      I’m not surprised you have found AUDUSD difficult- it has been changing trends a lot, and the conflict between Monthly, Weekly, and Daily is confusing. Myself, I have not traded it as much as I was until January, because since then, it has been unusually bullish for something that is supposed to be in a downtrend, according to the monthly. I have been watching the monthly, and weekly recently, and so, my decision to go short was really based on this, combined with the daily price action looking the slightest bit bearish.

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