At the moment AUDUSD has entered into the Daily Bullish FVG/Fair Value Gap (Black). There is a visible bullish AB=CD pattern (Purple) and the equal legs level of this pattern has already been tagged. An accumulation, manipulation, distribution pattern is also visible and triggers when price breaks above the MSS/Market Structure Shift (Red) which will signal the possible move higher towards the March 8 2024 high/Point A of the AB=CD pattern or to the point C minimum target. Another confirmation for a move higher is to watch for a bullish divergence pattern on the RSI indicator and price chart (Blue). This divergence pattern will signal a trend reversal from downside to upside on the 1 hour time frame. Traders should switch to smaller time frames (5M or the 15M) to catch possibly a better entry with tighter stop loss and a better Risk:Reward setup. For now watch, be patient and squeeze the trigger when you see the turn higher.
AUDUSD 1 Hour Chart March 18 2024
AUDUSD 1 Hour Chart March 19 2024 (Entry)
Of course, like any strategy/technique, there will be times when the strategy/technique fails so proper money/risk management should always be used on every trade. Hope you enjoyed this article and follow me on social media for updates and questions> @AidanFX
A trader should always have multiple strategies all lined up before entering a trade. Never trade off one simple strategy. When multiple strategies all line up it allows a trader to see a clearer trade setup.
We at EWF never say we are always right. No market service provider can forecast markets with 100% accuracy. Only thing we at EWF 100%, is that we are RIGHT more than we are WRONG.
At Elliottwave-Forecast we cover 78 instruments (Forex, Commodities, Indices, Cryptos, Stocks and ETFs) in 4 different time frames and we offer 5 Live Session Webinars everyday. We do Daily Technical Videos, Elliott Wave Trade Setup Videos and we have a 24 Hour Chat Room. Our clients are always in the loop for the next market move.
Try Elliottwave-Forecast for 14 days !!! Just click here –> 14 day trial
Back
