AUDUSD: Sell breakout

FX:AUDUSD   Australian Dollar/U.S. Dollar
1974 10 59

The pair has broken out of the immediate downtrend to the downside. On the daily chart we are just a few pips shy of the April highs suggesting a short term top around here, the forecast is the break down will be an impulse and we should head towards the May lows around 0.7145 giving a nice opportunity to go short.

Trading Plan

The following assumptions are made:

- Breakout price : 0.7679
- Confirmation price : to be updated
- Minimum Forecast pips : 100-190 pips
- Maximum Forecast pips : 500 pips
- Duration: 2-10 days
- Probability : >90.%

My entry will be based on the price in the lower time frames on either Monday or Tuesday. I will update when I enter based on my strategy.

Note: Due to many requests and questions regarding entries & stops in the charts I post I have decided to make the future charts done on 4h or less I post here to be as informational as possible regarding entries, stops, targets and thus hopefully help those who follow me. I realize that the community needs more in the charts as the majority here can make use of guidance in their trading en-devours. I will try to update the charts as much as possible with entry notice, stops, profit taking and any other adjustments that may need to be taken.

IMPORTANT: The setups posted here are not trade calls or signals and are intended for guidance purpose only and you should use your own strategy to determine entries and exits. They reflect my general view of the market and does not mean you should take the trades without a proper trading plan or strategy, If you would like to get all my setups together with exact entries and exits with please visit http://www.thepiphunter.com and subscribe.

Comment: doesn't look like we are getting any confirmation of a break this time at all.
thanks for sharing!
my pleasure
nice, was watching this pair for a few days looking for short too.
piphunters colinsheen
thanks for sharing
piphunters colinsheen
my pleasure
Very good view totaly agree! I have same view.
thank you and happy trading next week
"Comment. doesn't look like we are getting any confirmation of a break this time at all. " take the candle tails and redraw your trendline and you dont even have any breakout yet
piphunters norzensen
thanks, to me it did, the chart obviously is not read the same way by everyone and each person has his own methods and ways so we don't need to agree whether it did or did not.
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