arash_summe
Short

AUD/USD Sell Limit Possibility

OANDA:AUDUSD   Australian Dollar / U.S. Dollar
After 7 days sideway movement for b-wave, the pattern has been completing the c-wave of a zigzag . It is a bearish trend but I think we are not quite there. It is possible that price reach to the 0.71872 level that is the 38.2% Fib retracement of 1st-wave. the way for trading in this situation is to put a sell limit order at 0.71872 and consider the possibility for the price, to retrace to the start of the 1st-wave at 0.72460. In this case, Risk/Reward ratio for this position ( TP at 0.71123) would be 1.25 which is not good enough. But if we put the sell limit order at the 0.72098 which is the 50% Fib retracement for 1st-wave, then we have a 2.84 risk/reward ratio.
Dec 19
Trade closed: target reached: Price has reached to the target. but impulse wave is not completed. possible continuation of downtrend.
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