AUDUSD Short Setup
Updated
Trading a reversal off the strong monthly support and resistance level of 0.77000 and the 100 day EMA to the next strong monthly support and resistance level of 0.75000. This area has shown significant consolidation over the past few months as buyers and sellers establish an equilibrium. Be wary of a potential breakout, higher high and close above the 0.77000 level to invalidate this trade setup.
Place stop a few pips above the previous high around 0.78000.
Place take profit just before 0.75000.
Remember to have a strict risk management plan guys and trade safe. This is a 1:1 risk/reward trade for 1-5% of your trading account (depending on how conservative you want to be)
Place stop a few pips above the previous high around 0.78000.
Place take profit just before 0.75000.
Remember to have a strict risk management plan guys and trade safe. This is a 1:1 risk/reward trade for 1-5% of your trading account (depending on how conservative you want to be)
Note
Trade still valid and this week's candle has shown a clear rejection of the 0.77000 level. Continue to hold short.Note
So it's taken a little longer than anticipated but this trade is back on track. Bulls have attempted to trend above .77000, to no avail. The force is strong with this one (it's plotted from the monthly chart.) Another week and this one should hit TP for 150 pips.Note
Approaching profit targetTrade closed: target reached
That's it folks, profit target reached. It took a long time, but patience is the name of the game.
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