AUDUSD - short with GAP serving as resistance

After the nice winner on a long on this pair, I'm now trading a short on the 3 drives pattern that was established and with the weekend gap serving as resistance on the upside.

I am looking for a retracement into previous highs as a primary target and the 61.8 fibonacci retracement as a secondary target.

The stop loss is defined by a 1:1 R:R for the primary target and the reasoning that when the weekend gap is closed the trade is invalid as this is one of the reasons for entry.

Trade active

Comment:

For those who are in this trade, be aware that the RBA monetary statement is up for tonight and that tomorrow we have the NFP coming up. Protect your capital !

Comment:

Moved SL to break even in anticipation of the RBA Monetary Policy Meeting ...

Comment:

RBA Monetary Policy Meeting did not cause any damage so the trade is still open with stops at break even. I will keep it that way.
If targets are not reached before the NFP, I will close this trade before the news is released and take whatever pips the market has given me up to that moment.

Comment:

Being in the live room I forgot to close the trade, luckily the market hardly reacted so I will keep the trade open and go look for those targets.

Comment:

Target 1 reached, stops were already at break even

Trade closed: target reached:

Ka-Ching, another 130 pips booked to the account. AUDUSD has been very nice to me in the last 2 day ... looking for the next setup now.