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