This week analysis, I have zoomed out into the very big picture to search for key supports and resistances. I must say it has given me a few surprises and interesting results.
<<AUDUSD MN: Identifying S&R with confluences>>
On this monthly chart, I have plotted various S&R with supports in blue, resistance in red and highlighted confluences.
<<AUDUSD W1: Possible channel and trend line>>
Zooming in the H4, I have labelled possible trend lines and a channel.
<<AUDUSD H4: Failed H&S and Upcoming week forecasted expectations>>
The coming week seems to be pretty rough from my point of view since there was a failure on the H&S. There are a couple of possible scenarios that I have portrayed. First is the possible critical zone which is made up of the shoulder and the week high. Second is how this zone is respected in terms of whether it is going to be a support or resistance. Lastly, what and happens after that depicted by the Red and Blue arrows I have drawn with the sub-movements.
Samuel’s 2 cents: I more biased to go long, due to the channel and the failed H&S. Binni Ong, TerraSeeds Chief Trainer has taught Tflow® students how to trade on a failed head and shoulder. In fact, before this failed head and shoulder happened, she has already told the class attending Tflow® real time hands on to EXPECT FOR SURE A FAILURE. She taught student this failed head and shoulder is a Dead Cat Bounce. To get a glimpse of her vast experiences in Forex trading, do join us for the Free Forex Educational Session conducted by her. During this session, she will share with you on some mistakes and misconceptions that traders have and how to correct it!
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