AUDNZD | LONG at significant support channel

#Week10-Strategy-1

BULLISH INDICATOR (DEC 15)

1. Significant support channel 1.057 - 1.0616 at Daily frame
2. Strong Bullish candles at the support channel
3. Bullish candle might break the bearish channel
4. Falling Wedge reversal pattern noticed
5. Fib level 23.6% also respecting Support channel
6. RSI showing trend reversal and price action following it.

BEARISH INDICATOR (DEC 15)

1. Bearish LH and LLs Channel
2. Bearish channel is still not broken and if continued it may break the support channel
3. Possibility of price action going sideways around the support channel
4. Based on Seasonal and cycles, the price has broken the significant support channel in the past

PREDICTIONS

1. Bullish reversal as the bottom of the bearish trend reached
2. But based on past history, support could break

BIASE 1 = LONG - PLAN A (Buy Stop @ 1.066) Trade Executed

BIASE 2 = SHORT - PLAN B, (if support broken - Sell Stop @ 1.0566) Trade Executed


PLAN A: Long @ 1.066
(After the Upper bearish channel breaks)

EN: 1.066 (Buy Stop order)
SL1: 1.05982 (Mid support channel)
TP1: 1.07149 - RR: 0.89 - Lt: 0.05
SL2: 1.0578
TP2: 1.0798 - RR: 1.69 - Lt: 0.1


PLAN B: SHORT at 1.056
If the support channel gets broken

EN: 1.056 (Sell Stop order)
SL: 1.06338
TP1: 1.05131 - RR: 1.02 - Lt: 0.05
TP2: 1.04063 - RR: 2.8 - Lt: 0.1