AUD/USD Currently Long but may add to position
I am currently Long the AUD/USD. Position was taken at .7510. Signal was a pullback to the trend line combined with a divergent STOCH bottom. Targets are set near the trend line created by the most recent swing highs.
However, having looked at this more closely, I believe we may break through this line and complete a 1:1 move (that being of the most recent large measured move). If we get the 1:1 than that would take us to the 1.272 extension of that move. There is resistance there at which point we may see a nice pullback.
If the current trend line to the upside gets broke I will take this trade off and possibly reverse my position.
All of my trades can be discussed live over at www.twitch.tv/ghostdigg or on youtube with the same name. I usually stream from 5:00 CST - 11:00 CST M-F. Stop by and say hi to the group.
However, having looked at this more closely, I believe we may break through this line and complete a 1:1 move (that being of the most recent large measured move). If we get the 1:1 than that would take us to the 1.272 extension of that move. There is resistance there at which point we may see a nice pullback.
If the current trend line to the upside gets broke I will take this trade off and possibly reverse my position.
All of my trades can be discussed live over at www.twitch.tv/ghostdigg or on youtube with the same name. I usually stream from 5:00 CST - 11:00 CST M-F. Stop by and say hi to the group.
Comment:
Looking at the price action on the smaller TF I have taken 1/2 of this position off at a 2:1 profit and moved my SL to break even. If price continues to trade above the current bullish trend line I will keep this trade on and shoot for .8110 area.
Comment:
Getting close to the upper trend line here. I will be watching this area closely for a possible rejection. If we manage to get through than .8110 is very possible.
Comment:
Closing the break of the hourly trend line.