Hi Guys,
Here we have the AUDUSD on the Weekly Chart.
There is quite a bit of detail on the chart and below are key points to note:
* Bearish Reciprocal currently forming
* Currently trying to break a weekly support level
* Broken 0.318 of last up swing
* Four hour is showing an uptrend but the is potential for some pull back
* Daily is showing uptrend but potential for some pull back
* 1:3 Risk to Reward
I am going to wait for the reciprocal to complete. There is a potential 180 to be gained until it reaches that point but the Risk to Reward of that opportunity is not inline with my trading strategy.
Do let me know of any questions.
Thank You!
Victoria
Here we have the AUDUSD on the Weekly Chart.
There is quite a bit of detail on the chart and below are key points to note:
* Bearish Reciprocal currently forming
* Currently trying to break a weekly support level
* Broken 0.318 of last up swing
* Four hour is showing an uptrend but the is potential for some pull back
* Daily is showing uptrend but potential for some pull back
* 1:3 Risk to Reward
I am going to wait for the reciprocal to complete. There is a potential 180 to be gained until it reaches that point but the Risk to Reward of that opportunity is not inline with my trading strategy.
Do let me know of any questions.
Thank You!
Victoria