AUDUSD Short: 5-0 Pattern, Channel Res, 50DSMA, and Weekly Pivot
Updated
Hey Traders! It's been awhile since I've shared an idea, I've been working on automating my trading strategy! AUDUSD is approaching a critical level presenting us with an opportunity to enter a 2-3 week short with a nice R/R. The pattern that caught my eye is the bearish 5-0 which I've had success with in the past for 4H-1D charts. In addition to this, we have resistance from the weekly pivot, 50 day SMA, and a parallel channel confluent at the same level. Short entry is placed at the 5-0 "D" point with target at the 1.272 extension. I will likely move stop to B/E around the 50% move to target if triggered.
Bearish Confluence:
Feels great to be back on TV, hope you enjoyed and good luck to all!
Bearish Confluence:
- Bearish 5-0 pattern
- Bearish parallel channel resistance
- Weekly pivot resistance
- 50 day SMA resistance
- Bearish weekly channel
Feels great to be back on TV, hope you enjoyed and good luck to all!
Trade active
Note
+100 Pips: Stop moved to breakeven. Maximum drawdown was just 26 pips.
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