Trying to short audusd this morning as further downside is anticipated (by ME anyway! LMAO)
Here's a look at the 15 minute chart..
You can see here that we are below all three QUAD tunnels, a bearish indication, and have just tested the 13 EMA (white dotted line). Also my TRIX indicator is below the solid green zero line, also indicating possible / likely bearishness.
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When we switch to the 5 minute time frame we see price consolidation and a likely stop hunting spike. But why did it stop at 1.0377?
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Lets take a look at the one minute chart at the same point of the move..
Here we can clearly see that the "spike higher" tested the upper limit of the m1 tunnel structure and, and least thus far, seems to have failed that test though consolidation in this area continues.
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Based on this setup 1.0383 appears to be a reasonable beginning stop loss.
Smallest "tunnel" is constructed of EMAs 121, 144, 169 & 196. Larger tunnels are multiples of 4.
I have heard people say "pick one time frame and stick with it".
I strongly disagree.. IMHO one should try to be well aware of PA in as many time frames as possible.. Scan all of themin an effort to get a clearer overall view of the current market situation.
Many pips and good luck everyone!
Greg
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