AUDUSD had retraced back down at 0.382 fib level since the rise on 23rd, Aug, which is reasonably deep (I was expecting 0.236 level ).
If price goes down below 0.73356 I'll expect worse scenario that it want to go down to 0.72917.
Given the fact that this pair has been in consolidation and creating higher lows, it's reasonable to think it will go up to retest at least 0.7408 area again
RISKY: High. But I entered at 0.73459 with a high RR and small lot size
Entry: 0.73459 but lower than 0.73459 simply invalidate my analysis --- yes you can imagine near 1 pip SL 😄
SL :0.73221 to play safe; however it it drops below 0.73356 I may simply cancel the order at loss
TP: immediate target at 0.74; may hold if it will go up
Expected Pips: 50+ pips
Time scale: 1 week max
If price goes down below 0.73356 I'll expect worse scenario that it want to go down to 0.72917.
Given the fact that this pair has been in consolidation and creating higher lows, it's reasonable to think it will go up to retest at least 0.7408 area again
RISKY: High. But I entered at 0.73459 with a high RR and small lot size
Entry: 0.73459 but lower than 0.73459 simply invalidate my analysis --- yes you can imagine near 1 pip SL 😄
SL :0.73221 to play safe; however it it drops below 0.73356 I may simply cancel the order at loss
TP: immediate target at 0.74; may hold if it will go up
Expected Pips: 50+ pips
Time scale: 1 week max