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arieg1985

Potential Short Position for AUD/USD_Trade Plan 2017.08.03

Short
Australian Dollar / U.S. Dollar (OANDA:AUDUSD)  
arieg1985  
OANDA:AUDUSD   Australian Dollar / U.S. Dollar
Trend Analysis Chart Patterns AUDUSD short tradeplan daytrade breakout
3
0
trendanalysis chartpattern audusd short tradeplan daytrade breakout
snapshot

Legend for price level, trend line, and rectangle:
Dark Gray > Weekly Level
Blue > Daily Level
Red > H4 / H1 Level
Green > M15 / M5 Level
Yellow > M1 Level

D1 and H4 are both show the overall trend is still up with price holding above MA200.
Currently in H1, price just broke down the confluences of support area around 0.79557 - 0.79696 (Price Structure, MA200, Up Trendline).

Trade Plan:
If price bounce back to this area and rejected down, short the market to follow the short term downtrend.
With Stop Loss 30 pips and Target Profit 65 pips, the potential trade offers 2.17 Reward-to-Risk Ratio.
As an alternative, can add 50 pips more for the second target which offers the total of 3.83 Reward-to-Risk Ratio.
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