AUDUSD Short / Sell - Ranging Pair & Strong Reisistance
Updated
Reasons I will look to take this trade
- Pair is ranging between shown price points with no clear bullish/bearish direction as of yet.
- Price has reacted violently to these price areas in the past, quickly reversing.
- Pair is overbought on 30 min / 1 hour / 4 hour timeframes.
- Tight stop loss / Good R:R (Risk:Reward Ratio) (1:3)
Entry : 0.69900
Stop Loss: 0.70070
TP: 0.69242
Please check against your own analysis BEFORE taking this trade and make sure you are happy to enter.
Open to any critique or advice :)
- Pair is ranging between shown price points with no clear bullish/bearish direction as of yet.
- Price has reacted violently to these price areas in the past, quickly reversing.
- Pair is overbought on 30 min / 1 hour / 4 hour timeframes.
- Tight stop loss / Good R:R (Risk:Reward Ratio) (1:3)
Entry : 0.69900
Stop Loss: 0.70070
TP: 0.69242
Please check against your own analysis BEFORE taking this trade and make sure you are happy to enter.
Open to any critique or advice :)
Trade closed: stop reached
Unfortunatly the trade stopped out. We could have given a larger SL but realistically targeting above the the recent highs was fine. This trade may now test the top of this zone and then climb higher, or simply break back into this zone and continue trading within the previous limits.
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