Trade idea for AUDUSD
Updated
AUDUSDWhat a beautiful drop after the double top formed at the resistance level - power!
Price has reached the support level I marked up and the current candle is printing as a hammer (still needs to close as such) - I am getting ready to go long should:
1. The current candle close to complete the candle as a hammer (buy signal)
2. It would be ideal for the buy signal to be confirmed by a bullish candle but I will be weary of large candles that could spoil the risk to reward ratio of the setup
Concerns:
1. This is the 3rd time price is visiting the support
2. Price has just fallen below the 200ema
Irrespective of my opinions I will trade what I see, not what I feel.
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Don't bet the farm, always exercise good risk management
Trade active
Opened long order @ market price 0.72311Stop placed at 0.71806 where this setup would become invalidated
Target at 0.73004 (closest resistance level)
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