DavidCallwood
Short

AUDUSD: Short 300-600 pips Potential Next Down Move

FX:AUDUSD   Australian Dollar / U.S. Dollar
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.
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.
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.
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
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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
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
where would your stoploss be. i am a newbie
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