AUDUSD - short with GAP serving as resistance

FX:AUDUSD   Australian Dollar / U.S. Dollar
3419 36 80
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.
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Bullish Channel on the 4 hour time frame, possible move up from the lows of the channel @ 0.7069 to the 61.8 fibo @ 0.7153 with possible extension to 0.7229
Long ( Short term)
i saw this and i was too chicken to take it.
Awesome,! Crazy Man.
+1 Reply
Yep, it was really awesome, I fully agree !
this was amazing Nico, thanks
+1 Reply
Thanks for your support ! :)
very nice setup brother same thinking
+1 Reply
Thanks for your input ! :)
Thanks for the great analysis, as usual Nico! :)
+1 Reply
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