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EUDAUD - Did you read the move? I did. Allow me to show you how!!!

As I always say every chart has a story to tell. In this post post I will demonstrate how to read the story in two different chart types, the timeframe and the tick chart.



Timeframe

Location: Could not be better a major Fib, a Support level and a major AVWAP level

The nasty reading: We come down and hit 50 Fib, then we enter in between 50 and 61.8 and the touch the upper AVWAP line. This is where we observe a high SI of 17.8 , that's a Push Up (PU) wave and the next down wave with a high SI also of 19.2 that's a hard to moved down wave (HTMD). Next a a couple wave and two consecutive Plutus long signals (PL and PRL), but price goes down with a high volume down wave touching 61.8 Fib and the lower line of AVWAP. One clue that buyers are entering on the high down volume wave is the increasing PVR (blue arrow). The immediate reaction after the high down volume wave is a higher up volume wave. But again a down move but this time without much volume and the reaction to that is an up wave with a high SI of 17.5 that's another Push Up (PU) before the move - fast down bar of 6.1 SI and up with a PL signal. I waited for the break to enter to confirm that no other ranging will take place.

Stop: -25 pips

Break Even : 50Fib 25 pips from entry

Target: 84 pips

Stop moved to Break Even


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The tick chart

So much easier to read the tick chart. This a 30 min tick chart. Always on a tick chart I do not bother to read the whole range but just a few waves before the exit.

Location: of course the same as on TF chart, a major Fib, a Support level and a major AVWAP level

The easy reading: Focus on the white area before the break. This what we observe two fast down moves with SIs 4.1 and 5.1 while never break 61.8. On the next down moves SI is increasing from 10.3 to 22.7 to 25.5 and the price makes higher lows these are hard to move down waves (HTMD) and price is getting ready to move. The two PRL signals confirm.


If I was to see the tick first I would have entered earlier than the timeframe chart probably close my trade on 50Fib and examine the reaction on Fib are for reentry or not.


Now let's see if we are going to hit BE or the target!


I hope this helps and I you like to learn how to read the charts using just one tool, you know where to find me info@tradethevolumewaves.com


Enjoy!

1 comment

1 Comment


Your Tick chart reading is great.

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