AUDUSD 4 HOUR BREAK AND RETEST TRADE SETUP
Hi everyone:
Here is my view on AUDUSD SHORT, Any type of feedback is greatly appreciated it. Thank you
Trade: #4
Date: 11/30/2016
Time: 05:00 GMT
Forex Pair/Commodity: AUDUSD
Position: SHORT (SELL)
Reward/Risk: 1:1
Opportunity:
Weekly: Price action broke down support trend line and 20/50 EMA, and retest at 50 EMA, forming high test candle
Daily: over extended run to the downside, pulled back to 0.382 fibs retracement on daily chart and 20/200 EMA. Price action formed a doji followed by a bear engulfing candle
4 Hour: double tops, break down the support trend line, 20/50 EMA, then retest to main pivot point and 0.382 fibs retracement on intraday chart
1 Hour: break down 20/50 EMA and support trend line, pulled back at main pivot point, and 20 EMA, bearish MACD
Looking to take this pair to previous low of 0.7370 area with a 1:1 reward/risk ratio
Thank you for your support
Here is my view on AUDUSD SHORT, Any type of feedback is greatly appreciated it. Thank you
Trade: #4
Date: 11/30/2016
Time: 05:00 GMT
Forex Pair/Commodity: AUDUSD
Position: SHORT (SELL)
Reward/Risk: 1:1
Opportunity:
Weekly: Price action broke down support trend line and 20/50 EMA, and retest at 50 EMA, forming high test candle
Daily: over extended run to the downside, pulled back to 0.382 fibs retracement on daily chart and 20/200 EMA. Price action formed a doji followed by a bear engulfing candle
4 Hour: double tops, break down the support trend line, 20/50 EMA, then retest to main pivot point and 0.382 fibs retracement on intraday chart
1 Hour: break down 20/50 EMA and support trend line, pulled back at main pivot point, and 20 EMA, bearish MACD
Looking to take this pair to previous low of 0.7370 area with a 1:1 reward/risk ratio
Thank you for your support
Note
Trade closed: target reached
Date: 12/01/2016Time: 15:00 GMT
Hit target price of 0.7370 with 1% profit from 1:1 reward/risk ratio trade setup
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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.