Joshua20
Short

AUD/USD 4H Bearish Pin Bar

FX:AUDUSD   Australian Dollar/U.S. Dollar
The AUD/USD             has strong bearish momentum at the moment and an opportunity to get into this bearish market has just arose on the 4H chart.

Prices have tested the .82000 level on the chart after a pullback. This is a perfect opportunity to get into this trade short. The pin bar isn't the biggest or the best but it does show rejection of higher prices. Couple that with a strong bearish market as well as a round number of .82000 and you have yourself a pretty good trade setup!

Related Ideas

ForceFollower
2 years ago
Yeah, I also wonder if 0.82 holds. I've gone short looking to TP just below 0.817.
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Joshua20 ForceFollower
2 years ago
It looks like your TP should have been hit! It also looks like the .82000 level is holding, but instead of the pin bar sending prices lower the two bar reversal is what pushed prices lower. I think prices could easily fall to the .8100 level before it hits an real support. We will see what happens
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ForceFollower Joshua20
2 years ago
Yes, my target was hit, I took profit and closed my position. I'm still short AUDNZD though.
As for AUDUSD, it looks pretty good and: first - it can easily reach the bull trend line at about 0.81464, and second - if it breaks the very bull trend line, it can indeed get to 0.81.
snapshot

snapshot
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