Bears have successfully broken July 25 lows on Friday sending the price lower after a failed attempt to reclaim it. AUS200 is now trading in a new down wave with flipped supply and demand structures.

As a result, my August 2’s short trade has exited in another profit:

https://www.finlogix.com/analysis/20240802/aus200-intraday-analysis-and-trading-plan-for-august-2-2024

Due to a technical issue last Friday, the correct take profit should be 2.52%.

An updated overall win-loss record of 4-9.

There are 4 Australian high impact economic reports this week starting tonight.

Re-assessing AUS200’s high timeframe candles:

Yearly Candle: Last check is a Green Long-Legged Spinning Top now a Green Long-Legged Semi Doji

Monthly Candle: Still a Red Body since last check but with a Longer Tail Wick

Weekly Candle: Previous close is a Red Long Upper Shadow with a Medium Body current is a Red Long Lower Shadow

Daily Candle: Previous close is a Red Body with a Longer Tail Wick current is a Green Semi Doji

In today’s analysis, I will be using July 25 to August 1 swing low to high moves as the new retracements’ points of view.

Accordingly, AUS200 continued its bearish price action after achieving a new record high last week.

With the help of 2 holding 4H bearish FVGs mentioned previously, the sellers were able to push the index even lower breaking July 25 lows and turning it into a resistance which I’ve indicated in a flipped S/R note above.

This week’s further weakness has been shown causing a sell side liquidity run that swept the external lows in May, June and July.

However, May 1-2 order block stepped in to stop the price from further bleeding creating a new swing low area that aims to re-test the flipped S/R level.

Today’s trade plan is to set a long limit order to the retracement points’ 1.618 bearish extension level potential support re-test with a take profit aim at 7750 only while a stop loss set at 7500.

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

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

AUS200 Intraday Analysis and Trading Plan For August 6, 2024

Aug 06 2024

Pending

Published 329d ago

8542.64

Current price

7599.00

Entry price

1