#1. AUDUSD SHORT (SWING TRADE)
Confluences to Enter a Sell:
1. Multiple psychological level (.7000) bounces
2. Impulse Wave coming off Invalidation area
3. ABC correction formed
4. Bearish Engulfing Candle
5. Major Consolidation Break and Retested
6. Minor Consolidation Break and Retested twice
7. Market Structure Break on 1hr timeframe (Two higher lows taken out)
8. Market Structure Break and Retest on 4hr timeframe
Take Profit set to next major psychological level
Stop Loss placed on other side of last psychological level
Trade Timeline is approximately 1-2 months
3 to 1 Risk Reward : SL 144pips trade has a lot of room to breath
5 to 1 Risk Reward: SL can be placed before bearish engulfing for higher reward but more risk of getting wicked out and taken out of the trade early
1. Multiple psychological level (.7000) bounces
2. Impulse Wave coming off Invalidation area
3. ABC correction formed
4. Bearish Engulfing Candle
5. Major Consolidation Break and Retested
6. Minor Consolidation Break and Retested twice
7. Market Structure Break on 1hr timeframe (Two higher lows taken out)
8. Market Structure Break and Retest on 4hr timeframe
Take Profit set to next major psychological level
Stop Loss placed on other side of last psychological level
Trade Timeline is approximately 1-2 months
3 to 1 Risk Reward : SL 144pips trade has a lot of room to breath
5 to 1 Risk Reward: SL can be placed before bearish engulfing for higher reward but more risk of getting wicked out and taken out of the trade early
Trade active:
Entered this trade before CPI with the 5 to 1 risk reward, just as expected, we got wicked out of the trade. Re-entered at .7000 for better risk/reward. First Take Profit is at .6845.
Comment:
Stop Loss placed to Break Even for risk free trade
Comment:
First Take Profit Reached at .6845