Second analysis today goes to the AUSD200 index.

My previous Finlogix AUS200 index short call has exited in another stop loss after holding the position for 1 day and 23 hours:

https://www.finlogix.com/analysis/20240301/aus200-intraday-analysis-and-trading-plan-for-march-1-2024

So far two straight losses for this year.

There is no major Australian economic report this week.

Re-assessing AUS200’s high timeframe candles:

Yearly Candle: Last check is a Green Hammer now a Long Legged Green Spinning Top with a Longer Tail Wick

Monthly Candle: Last check is a Green Body now a Green Long Upper Shadow

Weekly Candle: Previous close is a Green Body with Long Head and Tail Wicks current is developing a Red Shaven Head with Twice Body Size 

Daily Candle: Yesterday close is a Green Long Lower Shadow current is developing a Red Doji

After a March’s explosive start, the AUS200 index has found a new resistance.

Its monthly candle suggests a strong profit taking depicted by a Green Long Upper Shadow resembling a pin bar.

If it turns red, it will confirm a price correction since the current weekly candle is in red.

Since the 8000 level as the new psychological to keep an eye on was never realized, I am focusing for sell setups again.

We can also see a bearish daily FVG that backs this claim.

However, the index’s uptrend is still valid from connecting higher lows from January 18, February 13 and March 11’s swing lows.

But I am still bearish either way if the daily FVG is completely retraced or the current consolidation that happened in the last 2 days ends in another drop seeking the sell side liquidity under the lows of the mentioned swing lows above.

By shorting the current market price targeting the liquidity under the swing lows as take profit while putting a stop loss at 7900, I am maintaining my bearish bias.

This trade plan needs some time to play out.

AUS200 Intraday Analysis and Trading Plan For March 13, 2024

Mar 13 2024

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