Just shorted the AUDUSD @.7660, I've been eyeing the Bearish cypher pattern on the daily for a while and was actually short this pair but ended up stopping out for break even after the Fed's rate decision. Luckily I hedged the position against the USDJPY and made profit on that pair. So here we go again, hedging this position again the USDJPY this time! Fundamentally I believe the dollar will gain some strength, and I believe this is a good set up from a technical standpoint as well.
Stops are above HOD (If I'm wrong I don't want to eat into my profits from USDJPY, which I am still short)
Targets are at previous structure, although the .382 retracement on the Cypher is also a viable option
Stops are above HOD (If I'm wrong I don't want to eat into my profits from USDJPY, which I am still short)
Targets are at previous structure, although the .382 retracement on the Cypher is also a viable option
Comment:
Welp, stopped out of AUDUSD for a small loss but the hedge worked out!! Just closed out USDJPY for a GREAT trade
