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AUDUSD Prints Triple Inside Days – Looking to buy the

aud triple inside day commentary


The AUDUSD has been considered a ‘no trade zone’ after the market has jammed up against a weekly support level and congested heavily in consolidation. This is why is a good idea to map out weekly Forex support and resistance levels on your chart, because they can stop a major trend in their tracks – like the recent downtrend. They are the major turning points of the market and you will do well to notice when price approaches them.

Now the market has tonight consolidated for 3 days, causing a tight wedging pattern on the 4 hour chart. This type of price ‘squeezing’ usually leads to a very strong breakout. This is why double, and even better – triple inside day setups have massive potential to produce very explosive breakouts.

What we’re waiting for here is price to break the highs of the inner Inside day  – this is how we catch breakout momentum ‘as-it-happens’. The downtrend looks like it has ran out of steam and ‘bottomed out’ on weekly support – I believe there will be an upside move generated from this. Conservative traders who want extra confirmation could use breaks of the other Inside Days, but your stop loss will need to increase as a result.

Dale Woods

Dale Woods

The Forex Guy is an educational Forex trading blog run by Dale Woods who has been a passionate retail Forex trader for over 6 years. Dale trades the Forex market exclusively with price action based methodologies, believing price action trading to be one of the powerful approaches used the market today, and really is the core foundation of any good trading system. Dale also strongly believes in keeping charts clean and keeping things simple, logical and uncomplicated. By making trading decisions straight off the raw price action data, you can ‘bypass’ unnecessary variables like exotic indicators, trading robots or magical pivot levels. Dale enforces the idea that there is hardly any edge trading news and economic data releases and much prefers to make trading decisions straight from the candlestick themselves. ‘The Forex Guy’ is dedicated to providing knowledge to serious and passionate traders who want to learn the art of price action trading, positive geared money management and how to psychologically condition themselves to become a professional trader.