FX:AUDUSD   Australian Dollar/U.S. Dollar
1037 16 23
Sell stop pending as shown.

The pair has formed a bit of a double top just above the pink line.

Entry for sell stop is far enough under the trend support (dark green trend) to hopefully confirm a break downward.
Trade active: Sell Stop entered as shown.
Trade closed: stop reached
Short tonight ... the top of the H&S was higher, you entered a little early as the pattern was not symetrical / horizontal. Poor overnight China news should strengthen the revesal.
+1 Reply
I think your direction is correct... I fell into the same issue yesterday.. Your trendline break is great... I think on these sometimes patience is a virtue and the thing to do on 2 and 4 hour timeframes is to break the CTL and pull back to it... Thanks for posting.
+1 Reply
QuileHills hope.bleecker
I have a new view of this pair now. A "looser" (can't think of a better term) trend support which I'm more comfortable with and adheres better to my strategy then the nearly vertical trendline in the original chart.
snapshot
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This was a pre-mature entry. Lesson: wait for consolidation which we might see forming here. If not we may see a bullish wave forming. In which case we can monitor that wider trend support for the wave and look for RSI bearish divergence to form.

Live and learn.
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forexmech QuileHills
Agree Kyle. I was short on this one too, SL hit. Part of trading :)
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Do you think it will possibly come down?
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Thats the way of probabilities, keep up the good work.
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ShaneIce GungHoTrader
Anyway it has hit my SL, poor thing :p
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aucusd still rise?or fall?
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AU is going to hit your SL?
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