7pasos

Triple stage sell

Short
FX:AUDUSD   Australian Dollar / U.S. Dollar
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If you remember, couple of days ago I suggested a sell in AUDUSD arguing a triple top, the sell wasn't triggered because the price never closed at bottom of that day.
Yesterday the AUDUSD closed forming a shooting star which gives again a chance of re enter, and given the levels of this movement the strategy could be as follow:
1) if prices break below the shooting star low, start a sell with a SL at it's high, the idea is buy a free ticket to this oportunity with this entrance.
2) when the price reach the neck of the triple top take 1/3 of the profit and set stop loss at break even
3) once the normal proyection for this swing (at 1.0012) thake the 2nd 1/3 of the profit and move down the stop loss to the neck line (at this time the stop loss will be winner any way).
4) the final target will be the proyection of the triple top.

Comments

Forgot to tell you, if the price close above the shooting star the trade will be invalidated, if price moves beyond the high of the shooting star but close above, the reversal still in place but the levels will need to change because the right stop will be at that new high.
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