In Saturday’s post I wrote about the possible monthly play on the Aud/Usd so today I was looking at that pair and noticed that we are in a range today and that gives some possible trading opportunities. As I write this the pair is approaching the resistance point reached earlier in the week.
There are two possible trade options as the price moves towards the resistance level. Option one is a bounce and a trade short and option two is a breakout with a trade long. Lets go to the charts.
1hr chart *note click on the chart to learn about our Forex Trading room.
As the pair moves upwards towards the resistance level count the green candles with me. One, Two, Three, Four, Five and six candles then a red candle. The red candle has not closed yet and is still determining the final price. If the hourly candle closes lower than the previous candle that is a sell signal on the open of the next candle.
As I write this it appears that the candles is going to close lower so I will put in a sell order.
Here is a video to give you a better idea of how I did it.
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