ASX- Aussie Index.
Seldom trade this pair
But was scrolling the chart and found it to be resisted at a mega fib6
shows a bearish engulfing and a potential Double Top. Could be on a cusp of a 400 points move
but aiming for that will also mean a long wait. Probably will test out Peter Brandt’s style of pyramiding, but more details have to be sorted out first.
H4 shows a head and shoulders pattern emerging.
My trigger will be no.5 playing off a 2 day high bull trap from a mega resistance.
Personally, my entry was done after I attended a seminar and the speaker mentioned ASX as well. Sort of ‘confirmed’ my bias. I do not think this is a good way to gain conviction. But the moot point will be that the speaker was a fellow price action chartist as well.
My mentor also confirmed this pattern , after i keyed in the trade.
Looking to see if price can close below neckline now for a more substantial move.