The Aussie dollar has turned bearish on the weekly and daily chart. The Bias is bearish till price hits the next fib level 78.6 (0.7105) indicated by the orange line on the chart. The long term trendline has been clearly breached and on the weekly and daily with a bearish candle closing beyond the upward support. We can now trade this to the next level for around 100pips.
AUD/USD - SHORT Swing trade Limit order Sell: 0.7343-0.73 Stop: 0.7412 (1 pip above the 78.6 retracement level) Target: 0.7244 (1) 0.7120 (11) then 0.6486(symmetry) R:R 2:45 then 5:86
Entry on the 4hr chart is indicated by the overlapping upward and downward sloping trendlines. AUD may not come back to the level we need to mitigate our risk. There’s always another trade.
Hi Gillian, nice set up, I was lucky enough to be in from the start of the downward move, I was happy, got taken out with a 35 point trailing stop.
I will certainly give it another go tomorrow.
Happy trading, Warwick
I will certainly give it another go tomorrow.
Happy trading, Warwick