DavidCallwood
Short

AUDUSD: Short 300-600 pips Potential Next Down Move

FX:AUDUSD   Australian Dollar/U.S. Dollar
9 months ago
Really simple, AUDUSD             broke below 0.7690 with impulsive selling then found buyers at a trend-line support (0.7550), anticipating a pullback of price to return to the 0.7690/80 area before continuing lower. The first target 0.7550 200+ pips (prior swing low on the 240 chart). with 2nd target being 300+ pips.

Entry 1: Sell 0.7690/80 if price action retraces
Entry 2: Sell 0.7545 if/as price action breaks below.

Safe Trading...
TRADE FAMILIAR PRICE ACTION SETUPS, THIS CAN SAVE YOU A LOT IN THESE MARKETS.
9 months ago
Comment: Already declined 460+ Pips from high of trade call and market is only 200 Pips from target...
Let see what happens, if it will go or how long it will take.
8 months ago
Comment: I think this was a decent short move which produced well more than anticipated, almost 2x total distance of forecast or almost 1:11 ROI.
immawin
9 months ago
where would your stoploss be. i am a newbie
Reply
DavidCallwood
9 months ago
The Ideal Stop Loss should be @ 0.7770 but personally I will place a 25-40 pip SL above the highest candle on the H1/60m at the time of trade execution. This is typical SL for me unless the market range is crazy and the charting pattern/price action setup suggests to do otherwise. For example you can review my prior EURAUD forecast here...
Reply
DavidCallwood
9 months ago
The Ideal Stop Loss should be @ 0.7770 but personally I will place a 25-40 pip SL above the highest candle on the H1/60m at the time of trade execution. This is typical SL for me unless the market range is crazy and the charting pattern/price action setup suggests to do otherwise. For example you can review my prior EURAUD forecast here...
EURAUD 200 Pips - Potential for 500%+ ROI 1:5 Risk Reward
Reply
DavidCallwood
9 months ago
Based on the corrective structured support has been broken in my opinion, this is a good sell and I will more likely add to sell position after a break and retest of the 07545 level.
snapshot
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out