AUDNZD, HOURLY CHART
Long or Short: Long
Entry Point: 1.16503
Stop Loss: 1.16267
Profit Target: 1.17216
Trade Explanation:
Price is Hammering a base at the bottom of an hourly range.
Long or Short: Long
Entry Point: 1.16503
Stop Loss: 1.17216
Profit Target: 1.16267
This makes no sense
You are right it doesn’t. There was a mix up in SL and TP, I failed to reread the post before posting. Okay there you go.
Sorry, but I don´t understand the reason of this trade, since the trend of this pair is going down since some weeks (about 50 so far) and I´ve been stopped out (fortunately on a demo-account): neither could I find the above setup
Greetings
parsifal
P.S.: To make things even more confusing: At the Home-Page you call it a “short-setup”, and above it´s a long-trade ??
As it was mentioned in the previous technical analysis of this currency pair dated 2014.03.05 , according to the formed signs, there was a potential for ascending of price which finally happened. Buyers were successful in reaching to the highest price of 1.07578 and after that the price has started to decrease.According to the formed movements in the last days , there are an Inverted Hammer candlestick pattern and Doji which shows indecision marker for ascending or descending and there is a warning for stopping of more descending.
As it is obvious in the picture below, there is a harmonic Bat pattern between the bottom price of 1.04912 and the top price of 1.09446 that there is a potential for changing price direction from D point of this pattern.Stoch indicator in Daily time frame is in saturation sell area and with the next cycle warns about ascending of price during the next candles. Generally until the bottom price of 1.05364 is preserved, price will have the potential for reformation.