The daily structure in aud usd is towards a downside along with the last daily candle. The last 4hr and 1 hr candle was a topping tail signaling the sign that the sellers might be able to take this to their side. Feds chairman speech is in an hour so id not take that much risk. Only 0.5 % of my account value would be enough for this trade.
Confirmations:
1. Daily bearish wick candle and trend line
2. 30 min bearish engulfing
The daily bearish wick candle can be taken as the sign that the price will continue its overall bearish structure on the dail time frame. The move can be played for a good reward risk ratio. But the tp is set for the previous wicks areas in the h4 at which the price may...