AUDUSD Short: 5-0 Pattern, Channel Res, 50DSMA, and Weekly Pivot

Hey Traders! It's been awhile since I've shared an idea, I've been working on automating my trading strategy! AUDUSD is approaching a critical level presenting us with an opportunity to enter a 2-3 week short with a nice R/R. The pattern that caught my eye is the bearish 5-0 which I've had success with in the past for 4H-1D charts. In addition to this, we have resistance from the weekly pivot, 50 day SMA, and a parallel channel confluent at the same level. Short entry is placed at the 5-0 "D" point with target at the 1.272 extension. I will likely move stop to B/E around the 50% move to target if triggered.

Bearish Confluence:

• Bearish 5-0 pattern
  
• Bearish parallel channel resistance
  
• Weekly pivot resistance
  
• 50 day SMA resistance
  
• Bearish weekly channel
  

Feels great to be back on TV, hope you enjoyed and good luck to all!

Trade active

Comment:

+100 Pips: Stop moved to breakeven. Maximum drawdown was just 26 pips.