Yesterday in the
Initial Trade Setup on AUDUSD
Since the traders webinar was scheduled to open at 8 am New York time, the trade was entered because the AUDUSD is a slower currency and, more likely than not, it would play out during the webinar.
Here’s how the charts looked on entry. Notice the 15 minute shows a double top formation (red rectangle). The big plus signs on the chart were highlighting the 5-minute resistance area, which also coincided with both the 15 and 60 resistance area and the Stochastics was overextended. The green dotted line was where we anticipated price to go on
Additionally, the TradersHelpDesk RSI indicator was showing a potential upside rejection and the 6-hour chart (not shown) was indicating that price was testing the
Trade Example on AUDUSD – Result
The red arrow marks the entry point on the 60-minute chart. The Multiple Time Frame Support and Resistance indicator
We anticipated that price would go down to the big blue plus sign (around .6861). The red square marks the risk potential and the green square marks the reward potential. The potential risk to reward on the trade was
The was an excellent trade example of the timeframes aligning indicating a high probability trade setup.