Hi guys, after a little analysis, the AUDUSD is setting up for (what could be) a very nice trade. Trading at current levels is risky, but if we are patient, we should get a nice fade. I expect the AUDUSD to be choppy where ever it goes, but the AUD must consolidate soon (see my linked post).
My plan is to wait for the pair to reach the 0.7710ish area, then short. If it takes too long to get there, I'll buy a break above that level, but if the pair reaches this level within the next 2 trading sessions I'll will short it.
Why not if it takes too long? If the pair consolidates before it reaches my trigger level, it is likely to continue higher. However, if it pushes from current levels, it should bounce (i.e. it needs to consolidated before the next push).
My plan is to wait for the pair to reach the 0.7710ish area, then short. If it takes too long to get there, I'll buy a break above that level, but if the pair reaches this level within the next 2 trading sessions I'll will short it.
Why not if it takes too long? If the pair consolidates before it reaches my trigger level, it is likely to continue higher. However, if it pushes from current levels, it should bounce (i.e. it needs to consolidated before the next push).
