Within hours of publishing last week's article, I received contact from two readers who both had identified similar opportunity within other forex pairs.
First, see last week's article here if you missed it: http://yourtradingcoach.com/trading-process-and-strategy/feeling-joy-when-i-look-at-this-price-action/
And let's check out the followup…
First was a twitter message from AC:
@YTCtrading Aussie/USD this morning 🙂 Same same but different! 🙂
I'm not 100% sure of the timeframe that AC was looking at. I assume it was the 1H; the same as in the article. And upon opening the AUD/USD 1H chart it just stands out beautifully.
And following shortly after was an email received from PK. Here's an extract from the email:
Funny thing, timing.
I read your email this morning and a few hours later I noticed cable had climbed back up to resistance (prior day high) and quickly retraced, into this weeks down trend.
A few bars later, it's there again and I note:
1. Market is struggling to find any more buyers
2. If price has failed to do something twice (break the resistance), then it’s probably going to do the opposite
3. Not a bad 'sell signal' trigger to use (1 hour candle bar format)
Time to put in a sell order, as there is multiple reward potential, if price can get back to the low of yesterday
There is a 1:1 or thereabouts, if it only makes it down to today's lows (see attached)
Here's a cropped version of the attached image, with some added notes:
Thanks to both AC & PK. Great observations! 🙂