AUDUSD - Bearish Shark Completion at 0.7720
Hey guys, hope you guys had a great trading week.
I was away for work in Vietnam but I still had a great trading week.
This is what I love about trading, being able to be anywhere in the world and still have a chance to make some profits for myself.
Will be looking to short AUDUSD next week.
Pattern identification
AUDUSD completes a bearish shark on the H4 chart at around 0.7715 - 0.7725.
Trade Execution
This can be a short on Monday open with SL right at 0.7760.
For those who are more cautious, I suggest waiting for a nice rejection of 0.7720 with a pinbar candlestick before entering.
Profit target to stretch till the prior strong H4 support zone at 0.7520.
This is easily a 1:4.8 R:R setup that could pay off nicely.
When is this likely to happen?
Looking at the economic calendar, there will only be high impact Aussie news on Tuesday, so I expect this trade to either move us heavily into the money on Tuesday or towards our SL on the very same day.
Every trade is just a probability game, do not risk more than 2% on any single trade.
This trade will be invalidated when AUDUSD goes beyond the PRZ and hits the SL level at 0.7760.
I was away for work in Vietnam but I still had a great trading week.
This is what I love about trading, being able to be anywhere in the world and still have a chance to make some profits for myself.
Will be looking to short AUDUSD next week.
Pattern identification
AUDUSD completes a bearish shark on the H4 chart at around 0.7715 - 0.7725.
Trade Execution
This can be a short on Monday open with SL right at 0.7760.
For those who are more cautious, I suggest waiting for a nice rejection of 0.7720 with a pinbar candlestick before entering.
Profit target to stretch till the prior strong H4 support zone at 0.7520.
This is easily a 1:4.8 R:R setup that could pay off nicely.
When is this likely to happen?
Looking at the economic calendar, there will only be high impact Aussie news on Tuesday, so I expect this trade to either move us heavily into the money on Tuesday or towards our SL on the very same day.
Every trade is just a probability game, do not risk more than 2% on any single trade.
This trade will be invalidated when AUDUSD goes beyond the PRZ and hits the SL level at 0.7760.
Comment:
H4 PRZ did stop Aussie from going higher after all.
Now I am waiting for a pullback into $0.7700 - $0.7720 for a short.
See chart
Now I am waiting for a pullback into $0.7700 - $0.7720 for a short.
See chart
Comment:
Did not get in on the initial rejection of PRZ because I wasnt watching the charts.
Tried to queue for a pullback but it did not retrace.
Those who got in, congrats on hitting the 1st TP at 0.7620 which is the XC 50% fib retracement. +80- 100 pips.
Tried to queue for a pullback but it did not retrace.
Those who got in, congrats on hitting the 1st TP at 0.7620 which is the XC 50% fib retracement. +80- 100 pips.
It did not reverse back below the zone within T+2 - T+5.
Therefore, my thought is that this H4 setup has failed and I am now patiently awaiting a similar setup to complete on the daily chart.
The daily Shark completes at 0.77878 and I will monitor for weakness around that level before going short.