AUDUSD Shorting top of two parallel channels.
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!
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!
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"