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AUDUSD Bearish Bat Setting Up Within Channel

FX:AUDUSD   Australian Dollar / U.S. Dollar
53 3 1
Currently there is a bearish bat pattern setting up within a rising channel . If you look at the pair from the 4 hour, you will see we had a massive drop off followed by this rising channel . This could be setting up for the next drop lower. We are not really concerned with that, all we are focusing on is the action within the channel. But, could be something to look at later. As price reaches the completion point, look for a price action signal.

Trade Plan
  • Positions: 2 positions (1/2% each for 1% total risk)
  • Entry: .7829
  • Stop: .75
  • TP 1: .7771
  • TP 2: .7735
  • Move all stops to breakeven once TP1 is hit.

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GOOD LUCK

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