Here is my Long plan on AUDUSD. After the Rain comes sunshine, right?
Are you joining? let me know your thoughts!
Suggested Entries: 0.9652, 0.9672, 0.9722
Suggested SL: 0.9637 (0.9629), 0.9579 (valid for all entry points)
Suggested TP: 0.9900, 1.0033 (Ad libitum)
Signals: Daily fakey bullish pin bar, H4 reversal pin bar, m15/m5 Congestion Flag
Tip: When you have flags especially in narrow ranges like the smaller frames, usually you are looking at boredom in price emotion that would ultimately need a release in terms of breakout. Technically, the flag identified on m15/5 is a potent representative of breakout.
Verdict: Usually, a trader should just be an opportunist who is totally unbiased. Your job is to make money whichever way price goes without committing much to any party; bullish or bearish. But in the same breath, anticipation is part of the things that put the odds in a trader's favor going into a potential move. In that respect, every good trader should be on the look out for the signs that help you make an educated guess as to which direction price might be headed based on compelling realities. The higher time frames come in handy in this respect. The signals I mentioned above on higher frames are some of the realities being considered in handing this potential move to the bulls. Fundamentally too, we can see that gold, which is usually a good correlate of AUD has now actually broken up after the initial undulation. This fact and the reality on the higher Daily & H4 time frames are for me unmistakeable signs that finally, a relief rally is in place. I am therefore going long AUDUSD at market open provided the realites identified remain the same and pending RBA decision mid-week.
Good luck if you are joining me.