moneymaking
Short

AUDUSD: WEDGE PATTERN (4 HR) !!

FX:AUDUSD   Australian Dollar/U.S. Dollar
148 5 9
UPDATE: We never got a good retest of the wedge pattern, did NOT got involved in this trade.

Hello Traders,

The market has broken the wedge pattern that was formed earlier. Wait for a retest of the wedge before shorting this pair. Keep in mind that FOMC is coming today at 2 pm. If we are unable to get a retest of the wedge pattern BEFORE the FOMC, than I will NOT be shorting this pair. If the market reaches 90% of the target WITHOUT triggering entry, then I will NOT trade this setup. Better to stay out of the market during this high volatility event. Our FIRST main job as traders is to protect our CAPITAL, making money comes AFTER that. See the chart for more details.

Please feel free to AGREE or DISAGREE with this idea. Hit that thumbs up button (top left corner of this chart) if you like the idea. Good Luck :)
Nice set up.Hope its going well in your favour.
+1 Reply
moneymaking TahirAli
Hey Tahir, Thank you. Actually I am NOT in this trade because the setup is NOT complete yet. As I've pointed out in the chart above, I will be shorting at the RETEST of the broken wedge pattern :)
+1 Reply
Hey Tahir, Actually I am NOT in this trade because the setup is NOT complete yet. As I've pointed out in the chart above, I will be shorting at the RETEST of the broken wedge pattern :)
Reply
Nice setup. AUD is weak, if strong news come out it will go your way. Lets see. Anyways you do not need that large a SL :)
+2 Reply
moneymaking PriceActionTrading
Hey Price action, Ya the stop loss is little high. Let's see if we can get something out of this before FOMC comes out :)
Reply
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