As the title says, short position on the AUDUSD. Personally there are so many of my rules met right now to get into this trade.
- Over all AUDUSD on down trend. DXY to support as well as other USD pairs.
- In a down trend within the down trend. Currently at top of retracement.
- Retracement @ perfect .618 area of previous extension.
- RSI over bought.
- Engulfement followed by L3C Candle, strong bearish indicator, at a key resistance level, following a bearish trend.
Taking T1 @ the 1.13 extension as it falls in line with previous resistance level
T2 @ 1.1618 extension with the hope of a harmonic 1:1 extension, which is very feasible.
Of course, will trail my stop one T1 has been met incase I'm wrong on the harmonic.
SL @ ATR based 0.73028
- Over all AUDUSD on down trend. DXY to support as well as other USD pairs.
- In a down trend within the down trend. Currently at top of retracement.
- Retracement @ perfect .618 area of previous extension.
- RSI over bought.
- Engulfement followed by L3C Candle, strong bearish indicator, at a key resistance level, following a bearish trend.
Taking T1 @ the 1.13 extension as it falls in line with previous resistance level
T2 @ 1.1618 extension with the hope of a harmonic 1:1 extension, which is very feasible.
Of course, will trail my stop one T1 has been met incase I'm wrong on the harmonic.
SL @ ATR based 0.73028
Trade active:
Still in the trade. There is a struggle, but I'm still confident in the entry (glad I was asleep for that random fluctuation haha). Again; the over all trend on the Daily supports bearish rally at this level. That fluctuation closed very low meaning there may not be that much bullish drivers. Technically speaking we just put in a double top also, which whether its valid is up to your trading rules(it is level with small recent S/R levels but nothing too defining or major). DXY still supports move.
Trade closed: target reached