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AUDNZD had a long bull run on the Daily chart. The price seems to have found a strong level of resistance and that resistance has made the pair produce some solid H4 Bearish candles. Moreover, those candles have broken a significant level of support. If the level is held and produces an H4 bearish candle, then selling the pair would get us some green pips.
Have a look at those H4 bearish candles. The price breached through the level of 1.0800. After continued for a while, the price has been now on consolidation. We should wait for an H4 Bearish candle breaching through the level of 1.10335 to take a short entry. Let us have a look at the summary of the trade…
- Sell Stop order: 1.10350
- Stop Loss Level: 1.10800
- Take profit- 1.09800
- 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 last H4 candle is a big bearish candle. Thus, to engulf that candle, the current candle has to be a bigger one (bearish). If the current candle does not engulf the last one, but comes out as an inside bar bearish candle, then we should not take the entry. An hourly break might still validate the setup, but the best thing would be to wait for an H4 Engulfing bearish candle. This is what brings more traders to ride on a trend. I know for this, we might miss many entries. However to be able to make consistent profit we need to take entries that comes with the high probability signal.
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The post AUDNZD Price Action Analysis – 12th Sept 2017 appeared first on Advanced Forex Strategies.
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