lyl89
Short

AUDUSD - Short or wait?

FX:AUDUSD   Australian Dollar/U.S. Dollar
2 months ago
Trend line resistance based on daily chart have been respected so far, price seems to be holding now.
There is potential to short at the top of this ED channel, a bearish shark pattern has also been sighted.
RSI is now at overbought level.

Why one might not short :
- Bullish engulfing candle
- EMAs crossing, diverging
- Events happening tomorrow morning in AU             .
1. AU             Employment Change results
2. AU             Unemployment Rate

However, potential 1:4 Risk:Reward if you choose to short on the next candle:
SL 35 pips
TP1 95 pips
TP2 170 pips

I might go with a short if RSI shows a bearish divergence.
2 months ago
Trade active: I shorted at 0.771.
For those who shorted, you will be enjoying about 80 pips of profit now.
AU and US news are in my favour.
I will lock all profits very soon, probably at TP1, not too keen on holding my position over the weekend.
2 months ago
Trade closed manually: Closed with 72 pips profit.
AUDUSD has gone above the 50-day EMA after touching the 100-day EMA, AUD seem to be picking up strength, no bearish signals for me to hold my position.

Good enough for me to enjoy the weekend.
nice catch!
Reply
lyl89 TerryHarmonicTrading
2 months ago
Thanks bro! same to u!
Reply
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