AUS200’s rebound from its 4H 200-SMA sent the index to a new high record then reversed strongly leaving 2 bearish FVGs behind.

As a result, my July 22’s long trade has exited in profit after holding for 6 days and 3 hours:

https://www.finlogix.com/analysis/20240722/aus200-intraday-analysis-and-trading-plan-for-july-22-2024

An updated overall win-loss record of 3-9.

There are no Australian high impact economic reports this week.

Re-assessing AUS200’s high timeframe candles:

Yearly Candle: Last check is Green Body with a Longer Tail Wick current is a Green Long-Legged Spinning Top

Monthly Candle: Previous close is a Green Body with a Longer Tail Wick current is a Red Body with a Longer Head Wick

Weekly Candle: Previous close is a Green Long Lower Shadow current is a Red Long Upper Shadow

Daily Candle: Previous close is a Red Body with a Slightly Longer Tail Wick current is a Red Long-Legged Spinning Top

An excellent sell side liquidity grab below AUS200’s previous LH TL where its 4H 200-SMA adding support confluence has helped the index in printing a new record high!

According to the July 9-17 swing low to high moves as retracements’ points of view, current price is still hovering within the first premium array level.

With 2 recent 4H bearish FVGs drawn above, I’m speculating for a more pronounced price retracement to the down side first.

Intraday candle is trading within yesterday’s lower shadow. A bearish price action ahead.

Because I have used a wide stop loss, the previous long trade was a success.

Using the new swing low to high moves from July 25 to August 1, I will short the AUS200 index through the current levels for now targeting the sell side liquidity area residing below July 9 external lows as profit mark while a stop loss placed at the nearest bearish 4H FVG’s complete retracement only.

Note: Finlogix pricing is set from the ACY Securities price feed, with liquidity being sourced by top tier banks via ACY Connect.

Now that the AUS200 has made a new yearly high, I’m seeing pullback corrections first before potentially moving up again.

All trade ideas I share are my own views and for my own trades only.

AUS200 Intraday Analysis and Trading Plan For August 2, 2024

Aug 02 2024

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