Yesterday we had some great price action signals aligned with strong trends on a few markets, mostly AUD and NZD pairs.
However, the market broke out early in the Asia session – generally when that happens you do not get a good entry price or the signal just out right fails after that Asia session breakout turns into a fake out.
Related Articles
Well the Rejection Signal hasn’t failed and still looks healthy. But I think we do need some further signs of strength to have confidence to enter into this.
This is why in these situations I watch the lower time frames for a ‘pick up’ signal.
Above is the whole event ‘unpacked’ on the 4 hour chart.
With top down analysis we know that AUDUSD is in a good position to buy, and the daily signal is still very much valid.
Now just watching a lower time frame like the 4 hour for signs of strength to show, Yes! that we are getting some bullish follow through and some validation the trade is likely to work out.
Best of luck on the charts guys.
Want to Try My MT4/5 Tools ? Download Here...
Trade Panel
Battle Station
Chart Builder
Market Analytics
Howdy traders,
By popular request, I've release trial versions of all my custom MT4/5 tools myself and the War Room traders are using in our day to day trading.
Follow the download button below if you would like to try them out :).
The post AUDUSD Daily Price Action Rejection Signal Waiting To Pop appeared first on The Forex Guy's Price Action Trading Strategies.
