AUDUSD (H1) 3 Mar
- MACD Divergence
- Breakout of a previous high (not shown on chart above)
- Breakout seems to lack conviction, as indicated by price action. The breakout bar has a long upper tail, and the other two bars are doji that represent hesitation.
Like I mentioned in my previous post, I’m focusing on reading the book by Al Brooks… So far, price action has proven to be a reliable way to trade… My success rate is much higher with price action than with systems based on indicators…. especially when I use price action together with MACD divergence… Only problem is, the trades do not occur as frequently as I would like it to… So, I got to learn more about price action to identify more trading opportunities….
