Saravan
Short

AUDUSD Shorting top of two parallel channels.

FX:AUDUSD   Australian Dollar/U.S. Dollar
230 12 7
7 months ago
Hello Traders,

I was thinking about shorting AUDUSD             since the price has been rejected at this area multiple times. But if you look at the charts, it's forming two parallel channels. The first channel top is also 1.618 Fib level of 04/07 high and low.

But looking at the buying pressure of this pair, we may see a quick rally to the top of second channel.

I will be taking two half position short one at the top of first channel around 7730 another one will be at the top of second channel around 7775. I'm going to put my stop loss well above the top of second channel. My first take profit will be the center of the channel and second one will be bottom of the channel. Let's see how it goes.

Good Luck!
7 months ago
Comment: Nice 100 pip gap down so far, hope it will hold until the open of the market. Good for my AU,AJ short. "ALL HAIL OIL FREEZE FAIL"
ChimbOt PRO
7 months ago
We are at .618 mate
snapshot
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Saravan ChimbOt
7 months ago
Well, I was taking about the extention of 12/04/2015 high and 1/15/2016 low ( look at the other chart in comment). in your chart price closed well above 61.8 level.
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ChimbOt PRO Saravan
7 months ago
from my experience , fib levels are not precise to the tee,
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Saravan ChimbOt
7 months ago
True, especially a Friday price action.
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ChimbOt PRO Saravan
7 months ago
Introducing this chart as relation,
Heavy Bull divergence in dollar , break of TL and retest, 3 drive pattern, potential HS
snapshot
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Saravan ChimbOt
7 months ago
Yes.I agree and a nice pin bar too.
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Saravan ChimbOt
7 months ago
Just saw you are also shorting at current level. I will take half position at current level. It still has buying pressure but hopefully it will change next week.
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Saravan
7 months ago
snapshot
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Empty
7 months ago
i wouldnt do that sir.
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Empty
7 months ago
i wouldnt do that.
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Empty Empty
7 months ago
the trend is you friend and the sky has no limits in this example
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Saravan Empty
7 months ago
Thanks for your comment. This pair's trend changed only recently when it broke out 7350 range(but still in downtrend in higher time frames). Yes, trend is the friend, but it doesn't mean the price will go up in a vertical line. Nobody can predict the future and where the price will go next. That's why we use stop loss. As a trader, all we can do is look for high probable set ups and trade with right money management. If this one doesn't work out, I will move on to the next one.
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