I’m having a really busy morning so this is just a really quick post to let you guys in on a setup that I will likely be entering in the next hour or so.
We all know A/U has been showing bullish signs all across the board. The monthly, weekly and daily are all painting the same picture. With the monthly M.As crossing recently for the first time since April 2013, this could be the start of a major trend reversal.
But lets not get ahead of ourselves, here’s a small setup that could take us up to my next monthly level of resistance at 0.8100.
Price recently shot up out of a 70 pip range that lasted for 5 days. Now we see price has retraced back to the top of the range, possibility testing it as new found support before continuing higher.
This region also happens to be the favored 61.8% Fibonacci level.
H1 – Entry Time-Frame
This is the TF I’ll be looking to snipe the perfect entry. It’s also 13:40 at the time of writing this in the UK, so the next candle close will also be the H4 closure also.
I’ll be looking for:
- Strong H4 candle closure
- C.T.L to be broken on the H1 time-frame
- An M.A Cross over on the H1 time-frame
Targets will be set at the 0.8100 monthly level, which sits just below the 1.272% Fibonacci D extension level.
Have a great week everyone, I will be posting a market recap this weekend!