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Jamesc123
Apr 1, 2021 2:21 PM

AUDUSD Short from 0.618 Fib & Upper trend line Short

Australian Dollar/U.S. DollarFXCM

Description

Price is in a descending channel
Reached top trend line & 0.618 fib line (also a S&R level)

Aiming for extension down to -0.27 level @ 0.75040

Entry: 0.75961
Stop: 0.76158 (Giving room for potential bounce off 0.718 level)
Exit: 0.75040
Comments
brenner1lol
stop loss hit
Jamesc123
@brenner1lol nope, highest it’s reached is 0.76078
Spec0707
You couldn't have been more wrong. Price currently sitting well above the 78.6% fib.
Jamesc123
@Spec0707 very true, the beauty of stop losses.
Spec0707
@Jamesc123, it amazes me how just 24hrs back every single post I saw on tradingview had an opinion of shorting Audusd. And the actual market move is almost always contrary to general market sentiment.

I feel the one thing that has helped me is always take the opposite position of what the majority believe. As Warren Buffet said, be fearful when everyone is greedy and be greedy when everyone is fearful.

Good luck with your future trades.
Jamesc123
@Spec0707 a lot of analysis pointed towards the downside, we can only go off what we can see.
Did you have any specific analysis or insight to go for the long?
Thank you, you too
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