1st Short AUDUSD Entry: 0.71635 SL: 0.7215 TP: 0.7020
Short order was triggered yesterday after market pulled back to the descending trendline resistance (dotted line). Market however surpassed this line and seemed to be heading for a bullish breakout... However, it reacted just nicely below the resistance at 0.71852 (thick neon blue line) to form the right shoulder... despite the spike, my position was not taken out and I held onto it.
Here we see that a head and shoulders patterned has formed. The right shoulder being classically lower than the left shoulder. Market is also now below 55 period EMA.
Market then puked further making my position extremely profitable after one whole day of waiting. I moved my trailing stop lower to protect profits. My trade is now risk free and profitable. Will look to scale in to this trade when possible.
Trade active
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Managed to scale in and at the same time closed off some of my position so as to protect my profits as market makes it's usual friday reversal.