I'm setting and forgetting an entry on a supply zone very high on the curve that is already in a down trend. The leg out wasn't explosive but it did leave a 2:1 from entry. The relative strength has the CAD at the strongest on both the DAILY and HOURLY charts, while the AUD is either the weakest or second to weakest on both time frames. There is a demand zone there, waiting, and if it shows confirmation of a reversal then I will close there. But if it doesn't hold, expect at least a 5:1 RR.
Comment:
Like I said, the leg out wasn't explosive enough... to close below the previous high. I will wait for it do so for now on. I still believe it will drop. There is a supply zone above that has everything I want in a zone. I will be more conservative with it, and wait for confirmation.