AUD/USD shorting plan

FX:AUDUSD   Australian Dollar/U.S. Dollar
312 4 5
Looking at the AUD/USD             2H chart, we can see the market has a very clear structure, with a recurring technical pattern for us to utilize. The overall market structure is that of a descending channel , meaning we are looking to short the market. Looking at previous swings highs (which were good shorting opportunities), we can see that each one involved 4 technical factors:
1. price trading at the upper channel descending line
2. stochastic at overbought or near overbought levels
3. price trading above the 20 EMA
4. price trading at the 50-61.8% of the previous down move

The AUD/USD             is currently trading at the lower channel point, with a low stochastic reading, below the 20 EMA . Therefore, our plan of action is simple rule following, looking for another technical confluence of the above mentioned kind. If the AUD/USD             bounces back and fulfills our conditions, we're with-the-trend sellers.
Thank you SamKent for your summation. Looking at the 1 hr Chart, I got the same reading using the Stochastic and the Lines. Being new to Trading, it thrills me that I can get the same reading as those who are more professional plus, you have taught me how to use the Fibo to arrive at the 61.8

Thank you,

+2 Reply
SamKent zak11907
Great job Zak, trading is not about being some great analytical expert, it's just about having a logical method and applying it alongside proper risk management. I'm sure you'll do great :)
+1 Reply
Same levels here buddy, lets see what happens ;)
that means is about time for a hike now at around 0.827 to 0.845?
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