Welcome in today’s Price Action Setups review. Are you ready? So let’s start:
AUD/JPY:
Correction – once again – has come closely to resistance line. The level is additionally strengthen by the presence of 21 EMA, which also provides resistance. You should look for PA sell signal in the case of test around 91.00
AUD/NZD:
Yesterday’s D1 candle is clearly the supply one. The proximity of support can be worrying, so opening the position under the candle’s minimum won’t be the best idea. You can use specific opening technique after 50% abolition of the candle. Let’s look at H1 chart to see if there was an earlier opportunity.
AUD/NZD H1:
Yesterday morning, the candle which rally little above the resistance line was quite large and another 3 didn’t breakthrough its maximum or minimum. Inside bar setup was formed – it can be traded by placing sell stop below the mother-candle and stop loss few pips above.
GBP/CAD:
Also the GBP/CAD was testing support level yesterday. On H1 chart a clear pin bar was formed (highlighted in yellow) which allowed to open a position with a small SL. Targeting the last maximums on a currency pairs such entry has a 8:1 profit-to-risk ratio. But you have to remember that H1 trading will have a lower efficiency than transactions opened on the basis of H4 or D1 formation.
GBP/USD:
Cable bounces from the key support line. You can look for clear buy signals at this level, because it is very strong and PA will be extremely important. Breaking through the support will probably mean Pound further and dynamic correction.
That’s all for today. If you want to learn more about Price Action technique visit comparic.com learning section.
