Candlestick Trivia

[lbranjord]

Ok all,

Here is a nice price action activity to help everyone brush up their skills. What does AUD/USD do next? This is from today's daily chart... so there is no true answer yet.

Good chance to use your best indicator, your gut

 

[ichi]

Ok all,

Here is a nice price action activity to help everyone brush up their skills. What does AUD/USD do next? This is from today's daily chart... so there is no true answer yet.

Good chance to use your best indicator, your gut

you wait for confirmation to sell...

 

[tomorton]

Agree - wait for confirmation to sell. 6mth chart suggests trading within range and should be possible to enter short around 0.92, lower target around 0.87/0.88.

I barely regard indicators these days but if you need to have a look, reinforcement comes from negative divergence on RSI, high stochastic, low ADX, failure to breach previous highs on charts (very clear on P&F).

Price may be only stabilising in congestion of course, and the most recent price action could be rather bullish, so absolutely no short without confirmation, but also no long without ejection from top of recent range.

After the short, if it comes, beware of a bounce on the 50EMA or around recent low 0.90: successful support here should trigger exit and await either further opportunity to short from 0.92 after another high, or, for the aggressive, a reversal into long with hopes of break-out of range, as recent price action is bullish, but I would see this as a low probability trade.

Have a good time with this one.

 

[The Artist]

Hey,

Can't see any distinctive candlestick pattern to play with here...
Except for a doji/doji-like combination over the past couple days, which in itself is warning sign for "DO NOT PRESS ANY BUY OR SELL BUTTON NOW"