I want to do a Top down analysis on the Aussies. Let me show You how I see it.
First, I would like to see where I am on the bigger overview. I prefer the Monthly Chart.
At this point, I have determine where the likelihood of Supply and Demand. By the looks of it, its heading for a bullish move.
Lets refine that into the weekly.
Notice there are demands and the price recently had bounce of shy on the nearest Demand.
Lets look into the Daily for potential Entry.
This is interesting. A supply with a head and shoulder inverted below it. Conventional technical analysis would indicate a bullish move soon to breakout.
Going into the 4H chart to determine the precise Proximal and Distal specifically. Plan a pending order . Looking below current price, no demand insight and has a potential larger profit margin in this setup.
I will let you all decide the TP and SL. Im sure you can take care of things from here 🙂
A few things I would take to sell this pair.
- Conventional Technical shown there will be potential buyers who are willing to buy after a bullish move. ( bull Trap )
- I know that the other side of the trade means Buyers are there to accept my sell orders.
- I know that Institution and Banks are selling at that supply zone.
- There is no fresh demand means least path of resistant in its down move.
- Profit margin are large where i can take 1:2 or 1:3 or 1:4
- All I need is now the news to push the pair faster towards and away from the supply.