AUDUSD Short (long run)
AUDUSD reached today the 0.618 fib retracement level and have trouble going higher.
We had an ABC correction on the 4H time frame + a false breakout/bull trap based on a top trend line + a bottom trend line breakout on minor timeframe (5 mins). Seems like a very good time to try a short for an excellent risk ratio.
Target : 0.69 (TBD but I'll be aiming for a daily timeframe target on this one)
Stop : 0.7503
Breakeven : at 0.74
We had an ABC correction on the 4H time frame + a false breakout/bull trap based on a top trend line + a bottom trend line breakout on minor timeframe (5 mins). Seems like a very good time to try a short for an excellent risk ratio.
Target : 0.69 (TBD but I'll be aiming for a daily timeframe target on this one)
Stop : 0.7503
Breakeven : at 0.74
Trade active
We entered short just below 0.75. And just now, the price reverted again at the 0.5 fib retracement around 0.7430 which also correspond to a previous support (low at 2016-11-29 08:30).I just added to the position.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.