AUDUSD
What 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 0.72311
Stop placed at 0.71806 where this setup would become invalidated
Target at 0.73004 (closest resistance level)
Stop placed at 0.71806 where this setup would become invalidated
Target at 0.73004 (closest resistance level)