AUD/USD longer term trade idea
Updated
Hi Guys,
I have been backtesting a system recently and am putting it into us on a small account and will be documenting set ups as i see them.
We will be looking to short AUD/USD after retracement on cross of EMA's. This trade is particuarly nice as we have AUD weakness across all pairs aligning with signs of USD recovery, we would be looking to hold this trade for many weeks with no target and a trailed stop and come out on a recross of EMA's or due to price action (candles closing above EMA's etc.
If i get an entry i will update, if we dont get a pullback i will continue to follow the waves down until we retrace enough to give me an entry.
I have been backtesting a system recently and am putting it into us on a small account and will be documenting set ups as i see them.
We will be looking to short AUD/USD after retracement on cross of EMA's. This trade is particuarly nice as we have AUD weakness across all pairs aligning with signs of USD recovery, we would be looking to hold this trade for many weeks with no target and a trailed stop and come out on a recross of EMA's or due to price action (candles closing above EMA's etc.
If i get an entry i will update, if we dont get a pullback i will continue to follow the waves down until we retrace enough to give me an entry.
Note
Also good to note the higher volume recently has all resulting in bearish movements this may or may not mean institutions are positining to short.I know many analysts are calling for below 76 cents year end
Note
4 hour chart, fibs have been redone to represent most recent wave, pullback seems to be under way will update if we get an entrytradingview.com/chart/zhFGHTC9/
Trade active
Trade got triggered at .79491.
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