Played out AUD news on Thursday.
I tend to trade better on Thursday as usually most of the news have been played out in the earlier part of the week. Hence price action tend to show the true move of the week, coming to the later part of the week. This is also the day when I truly ‘get down to work’.
From GBPAUD, can see that previous day on strong GBP news engulfing the previous bearish expansion day, hence signalling a strong reversal from downside for continuation to upside.
I seized the chance to enter on day opened, and played the cards correctly for aud news.
My conviction was furthur strengthened when I saw this bullish engulfing from a strong w1 support + d1 neckline confluence. hence it made sense to go for aud weakening. In the event that it didnt play out, i.e aud strengthening, the strength of gbp will still negate its effect.
I did not trade EURAUD as EUR was still weak as of last night. However, my belief in my own levels continued to strengthen when price was supported by another w1 level.
They are really reliable, and with that ,the neckline for a d1 hns was formed, a potential right shoulder is in sight now. I will look for a long trade towards the right shoulder come next week.