AUD/USD Outlook (9th November 2020)
After Patiently waiting for Good Bargain, Now Price have surge to New Higher High in AUD/USD. Most of the Inexperience Price Action traders will come into a conclusion that AUD/USD is Uptrend.
With my experience I have a contradicting view and I have taken Sell Position in AUDUSD.
Paradigm 1:Any traders who trades in timeframe below H4 will get an indication of Massive Bullishness for past 6 months. This would have attracted many Traders to Buy even at Higher Price. (This is very Risky because this type of traders has missed the asymmetrical Risk Reward entries due to the High Price.
Paradigm 2:On the other hand, another Group of traders went short too early at 0.7370 level in 1st September. By now these traders would have exhausted and their patience would be tested multiple time and they at the edge of Closing their trades.
Paradigm 3:Traders who sees this as range Market, would have made multiple BUY and SELL entries at H1 timeframe and by now they conclude that its a range market and it will continue forever.
As a contrarian Trader, I waited for this Price Action movement to take place. This is the blind spot which inexperienced traders ignore and psychologically they will be trapped from now on.
My 1st entry entered and more position will be taken on following weeks, because Im aware that timing the market reversal is the toughest and its also a pitfall for losses in trading career. So, to avoid that I will be distributing my SELL entry as the price travel the time.
Good Luck and safe trade.