Technician
Short

#AUDUSD: Will Resistance Hold! Sell limit in place.

FX:AUDUSD   Australian Dollar/U.S. Dollar
2132 20 26
Update: Trade is active
Update: First target achieved
Update: Full target achieved


Following on my previous analysis (
#AUDUSD: Following the Price Action | #forex
) where i was looking for a trade either on a break above that key resistance at 0.7900 or on a confirmation of a bearish reversal.
snapshot

I see a downside pullback coming and therefore looking to short a bit higher for a better risk-reward. I will be conservative on my first target(1.36 risk-reward) but will look for a more aggressive second target(3.18) for an average risk-reward of around 2.25.

Good luck, keep your stops tight..
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Technician
it can work specialy if buyers will fail to hold monday low
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+1 Reply
vila mantasg
Thanks mat, I learn a lot with you. Good trading
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Thanks vila, good luck
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I concur have a look at this one also :D
Thoughts AUDUSD
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Update: Trade is active
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anastasiia.art Technician
so what was the confirmation for u to go short?
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Technician TOP anastasiia.art
as you can see we had a pin bar at resistance yesterday, also bearish engulfing candle on the four-hour chart
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anastasiia.art Technician
Thank u. I asked just cause according to your chart u entered the trade at 0.79 price. but if u entered as u say after engulfing on h4 then i would short it at 0.7870. that was confusing for me
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First target achieved, moved stop to entry.
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GcNaif MOD Technician
good one tech , i guess 0.7760 is ur next target?
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well I am looking for 0.7730 area
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This is working like a charm, booked some good profits.
+1 Reply
Update: Full target achieved
+1 Reply
minbari PRO Technician
nice work mate
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thx
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Thanks for the idea. I also benefited from it. Keep it up. God bless you, Hamed.
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4ng3lp Technician
Nice! And now, you continue on trade to 761?
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Absolutely brilliant!!!!
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Technician TOP AshleyWeyers
Thanks my friend
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Hi tech,
I have a similar trade idea as yours. i closed half at 0.774. moved to breakeven and let the other half roam.
may i ask, since you are already earning and will not make any loss(breakeven). why did you decide to close your other half.
I usually will just leave the trade open and look out for other opportunity.

I see that it has potential for reaching 0.75 given the bearish hammer on w1.
snapshot
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