AUDUSD Price Action Analysis – 26th Nov 2018
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AUDUSD has been within a range on the H4 chart for the last 3 days. The price had a bounce from a level. The price is right there at the moment. It seems that the H4 chart might end up producing a double bottom here. If that happens, then buying the pair would get us some green pips. Let us have a look at the H4 AUDUSD chart.
The chart shows that the price had a bounce from the level of 0.72180 earlier. Then, on the last Friday, the price had another bounce on the same level. If the price starts going up and makes a breakout at the level of 0.72775, then the price would head towards the level of 0.73725. Let us have a look at the summary of the trade…
- Buy Stop Order: 0.72775
- Stop Loss: 0.72180
- Take Profit: 0.73725
- Validity: 72 hours
- Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable
The H4 chart suggests that it might end up producing a double bottom here. We will have the confirmation if the price makes a breakout at the neckline. Many traders trade within that range and do not care about the breakout. To do that, one must flip over to intraday charts such as 5M, 15M etc. We are eying here to trade on the H4 chart. Thus, the game will start only then if we get a breakout at the neckline. The reason behind that is a double top or a double bottom is only confirmed when a breakout takes place at the neckline.
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