There is a double bottom for AUDUSD. Price broke out of the neckline to the upside and formed a new swing high. As such, I am placing an aggressive buy limit order at 0.74856 which is the 61.8 Fibonacci retracement from the right bottom to the swing high. Stop loss is just below the lower (right) bottom while the take profit target is at the swing high. I will manually cancel the pending order if price goes to TP1 before getting triggered.
Trade Setup: Trend Reversal
Price Entry 0.74856
SL 0.74422 | SL pips 43.4
TP1 0.75476 | TP1 pips 62.0
RRR1 1.43
Trade Setup: Trend Reversal
Price Entry 0.74856
SL 0.74422 | SL pips 43.4
TP1 0.75476 | TP1 pips 62.0
RRR1 1.43
Comment:
I am canceling my pending order for now as I am uncomfortable with the current consolidation just above my buy limit at 0.74856. Also there is a hint of bearishness with AUDUSD for which I would like to wait for a trade setup with higher probability or agrees with my bias.