AUDUSD: Simple Speculative Setup
Hi Traders!
From a technical point of view, the trend is bearish so trying a bullish trade is very speculative (high risk of failure), so it should be right to try to take a long position with a small size, possibly there will be time to add new positions. Having said that, we have greatly simplified our setup on the chart, because we will look for some reversal pattern in support area before taking a long position, and if we are lucky, we may also be able to limit the stop loss before the price reaches 0.6270. If our work will be supported, we do not rule out publishing new updates.
If the price triggers a new low, we will look for sell opportunities in the short term. From a Trade Management perspective, this setup has a good Risk/Reward ratio (>1:3).
Trade with care
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From a technical point of view, the trend is bearish so trying a bullish trade is very speculative (high risk of failure), so it should be right to try to take a long position with a small size, possibly there will be time to add new positions. Having said that, we have greatly simplified our setup on the chart, because we will look for some reversal pattern in support area before taking a long position, and if we are lucky, we may also be able to limit the stop loss before the price reaches 0.6270. If our work will be supported, we do not rule out publishing new updates.
If the price triggers a new low, we will look for sell opportunities in the short term. From a Trade Management perspective, this setup has a good Risk/Reward ratio (>1:3).
Trade with care
Like | Share | Comment
Note
HOW TO UNDERSTAND IF THIS TREND IS BULLISH OR BEARISH-------------------------------------------------------------------------
If this bearish leg is a simple ABC Pattern (corrective structure), the support area on intraday chart should be bought by the market, if this does not happen, it means that the bearish leg is formed by an impulsive structure 12345 and trigger a new bottom. I hope I was helpful.
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Related publications
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.