Best Practice: BM on AUDUSD
Week to Week
- On the H4 chart, we can see that price has expanded above the previous H4 boxes high, this fits a BM criteria pending the close of the week.
- Retracement to boxes high in the form of a 1234 pattern could give a possible opportunity for price to head higher.
- Next resistance price could head to is clearly seen as several WK boxes highs and lows. (*Updated 2 Apr 2014: This is a multi-year resistance)
Update (2 Apr 2014 by Jerome)
On 1st April, Binni gave the below tweet.
— TerraSeeds FX Tflow® (@terraseeds) April 1, 2014
Let’s take a look at an overview on the D1 charts
- In the current month, price turned when it was resisted by previous month highs and lows
Looking at the H4 charts, we can see that price showed a chart pattern on the H4 as well as on the H1 timeframes.
Take note that the current move is still not considered a down or a reversal but considered as a retracement of the previous upward move.
In fact, if we were to take the Fib-R of the current upflow, we can see that at F5, there was a confluence with a previous turning point on the D1 charts. This coincides with the support level given in the tweet with a buffer.
Update (10 Apr 2014 by Jerome)
- Price did not retrace very far from as previously predicted with reference to above update on 2nd Apr 2014.
- This shows that price is very much still strongly bullish.
- At the moment, price is in resistance. If price were to clear above then this level would turn to a support which could propel price towards the next resistance level.