AUDUSD failed to break higher and broken a level of support. I see this pair creating a LL - trade triggered after area of support broken. This is a basic trend trade set-up. Will adjust SL and secure profit when next line of support is broken. and extend trade if I see further continuation to the downside.
New Trade set up. Entry: 50% Fib SL 100% Fib. Targets monitor, adjust and trend trade. Potentially could go all the way to the -25% & -61.8% 1st target / -25% Fib reached. Looking for more momentum to the further downside. Here I would move SL to Breakeven.
Trade executed on 5m chart and started. Higher risk - looking to fine tune my 5m set ups. Not my usual entry - used previous resistance level as entry instead of 50% fib or 61.8%. 1st fib level met, SL would be adjusted to Breakeven at this point. Still looking for a bearish move to the further downside.
Been waiting for this perfect setup since monday - support levels broken.
AUDUSD is looking for a bullish breaking out and a seeking a potential High Higher.