Not much to say here, AUDUSD has been in a downtrend for some time. I sold at counter trend break with minimum risk 0.1 Lots. Stop slightly above previous high with take profit 3x the risk.
Lets see what happens.
Lets see what happens.
Trade active:
Pair has been in an overall downtrend and just recently broke a strong area of support/ resistance . According to Fibonacci our target is around 1.67708
Analysis:
1) Monthly timeframe direction = downtrend
2) Daily timeframe = big rejection of resistance zone indicating a high price. One can also confirm this with the most recent lower highs since 05 April 2022.
3) 1 hour = This is our entry timeframe. Market on the chart we had a few wick rejections in this zone, we had RSI divergence with most recent higher highs. I entered (sold) on 18 May 2022 18:00PM with the break of the counter trendline bearish .
Position size 0.1 Lots
SL = 0.70620
TP = 0.67824
RR = 1:3
Analysis:
1) Monthly timeframe direction = downtrend
2) Daily timeframe = big rejection of resistance zone indicating a high price. One can also confirm this with the most recent lower highs since 05 April 2022.
3) 1 hour = This is our entry timeframe. Market on the chart we had a few wick rejections in this zone, we had RSI divergence with most recent higher highs. I entered (sold) on 18 May 2022 18:00PM with the break of the counter trendline bearish .
Position size 0.1 Lots
SL = 0.70620
TP = 0.67824
RR = 1:3
Trade closed: stop reached