Going to bed, considered placing an order in for between 3290-3295 - but decided against it and I will have a look again tomorrow morning.
Mid term bullish (Sharp retracement back to a significant Fib area on the daily imo) and still have concerns over the gap between the PA and the overhead channel resistance anyway, so no big deal if I miss out on this trade anyway.
No trades so far today. To tell you truth, I hardly got to see a chart.
Anyway, been sitting here for about an hour looking through a couple of charts - about to make my 2nd live trade.
AUD/USD
Short term trade - against the trend.
Reasons for trade:
1. Short term double top
2. Beaerish signals on RSI & stochastic
3. Channel in play
Reasons to be cautious:
1. Price hasn't touch upper resistance trendline
SL: stops above 9305
TP1: 9255
TP2: 9245
or the 15M 200sma (whichever comes first imo)
Overview of targets and interesting area's on the 1H chart
Showing some short term bearish signs also. I have highlighted potential resistance and support zones through the coloured boxes. Although you should also note that price hasn't test the above oblique channel resistance. However, it is showing enough valid signs elsewhere for my risk tolerance.
I am waiting on a final signal on the 15M chart, as so:
I would like to see the previously spoken about "magic" 3rd diverging touch on the RSI trendline before placing a trade.
It is possible that it won't retest recent highs to present an opportunity for a 3rd touch on the RSI trendline, and in that scenario, I am happy to sit out and go long in and around support area's highlighted on the chart.
Disclaimer - this would be a relatively quick in an out trade, and I would look to get my stop to break even as soon as possible because it is agains the longer term trend.