Rising Parallel Channel Formation

Launch Chart
KUNAL KAMBLE
AUDUSD
·
Jan 22 2023
snapshot
AUD/USD

The Security is forming a rising parallel channel. A rising channel breakout on the downside has a good success ratio and the failure rate is less than 15%
A breakout on either side will be an opportunity to enter.

Condition 1
Take Long position only if the Security closes above the parallel channel in a 5min time frame with RSI above 53, if the RSI is above 80 ignore. The Security should trade above the EMA.

Condition 2
Take Short position only if the Security closes below the parallel channel in a 5min time frame with RSI below 40, if the RSI is below 20 ignore. The Security should trade below the EMA.

Advice : Trade as per breakout.