FX:AUDUSD   Australischer Dollar/U.S. Dollar
Hey guys, I just got back from my vacation and am excited to get back to chart time.

Pattern Identification


Bullish Shark @ 0.7485

Trade Execution

I will monitor for price rejection at 0.7485 first before entry.

I would want the volume when it reaches the PRZ zone to be lower than the volume when it initially tested that zone at around 19/4/2017.

My entry will be at the close of the first green bar after the PRZ zone is tested.

SL will go at 0.7455
TP1: 0.7547
TP2: 0.7595
Kommentar: Yes it gapped up. However this idea is still valid. Do wait for price to hit PRZ before we decide whether to go long.
Kommentar:

Price is right there at our PRZ.

In 20 mins, I will enter long if the candle closes with a nice long body.

I want to see volume being low to average.

Patience is paying off.
Kommentar: changed my mind, price should go above PRZ before long. Still waiting for one final push above prz.
Kommentar:
Kommentar:
Kommentar: Still waiting for price to break above PRZ before going long. This setup is still valid.

I like the volume activity at the PRZ.

Will keep you guys posted.
Hey man, I hope you're doing great as usual, I wanted to know why you always wait for price rejection first before you take the trade. I was guessing maybe soon as you see the T bar comes then you can go ahead and take the trade.
Antworten
@Anilov20, the PRZ zone only means a zone when price can potentially reverse. So it is important to see stabilization or rejection of the zone before we enter.
Antworten
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