AUD/USD - LONG

MONTHLY
- Aussie has been in a long term trend on the monthly for some time now
- EMA's suggesting long term decline
WEEKLY
- Weekly does show a similar picture on Aussie also suggesting long term bearish sentiment LL & LH's
DAILY
- This is where it gets interesting, because of the daily i managed to mark out lows of 2018 in December
- On further inspection it seems as if this level is holding as firm Support
- Whilst the market has been in a downtrend making LL & LH's based upon experience when a market is in extremely over sold condition with an already new LOW being formed exception now are for a LH or Retracement to be made
HOUR
- i Capitalised on this information by honing into the lower timeframes and spotting strong bullish sentiment price action setups
- 12H = MORNING STAR FORMATION = BULLISH -
- 2 / 1H = Double bottom & neckline breakout
- I based my trade in terms of SL & TP on the lower time frame for a more refined view to get the maximum amount of profits from this trade with a tight SL.


Conclusion:- Trade is based upon my understanding of market structure even though the market is overall bearish you can still try and predict the bottoms for a high probability setup to buy to the upside which was done here.

Target:- Based upon recent market structure not looking to extended because overall the market is still in a downtrend favoured bias/