🚀 It's time for a change in direction! After a successful short entry based on the breakdown of an ascending channel, we are now shifting gears to capitalize on a bullish opportunity on the AUDUSD forex pair.
The price action on AUDUSD has formed a double bottom pattern, with a retracement to the 0.618 Fibonacci level acting as a strong support. This pattern signals a potential bullish breakout, presenting us with an ideal chance to ride the upward momentum.
Moreover, our last short trade played out successfully, allowing us to secure a portion of our profits. Now, it's time to seize the entirety of those gains and switch our focus to the bullish side of the market.
Adding to the bullish case, the MACD indicator has revealed a bullish divergence, reinforcing the likelihood of an upward move. The combination of the double bottom formation, key support level, and bullish divergence strengthens our confidence in this setup.
To maximize our profit potential, I will be aiming for a first take profit level at 0.67850, followed by a target located at 0.68750. 🎯💰
Don't miss out on this incredible opportunity to ride the bullish wave on AUDUSD! Join me as we make the most of this breakout and continue to navigate the ever-changing market with precision and profitability. 🐨📈💪
Feel free to share your toughts in the comments section, follow me for updates and dont forget to press the like button if you think this insight was helpful🚀📈💪
Trade active
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Tp1 reached
Trade closed: target reached
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AMAZING !
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Proverbs 16 16 How much better to get wisdom than gold, to get insight rather than silver!
@Gravitas_G, it depends of your personality and strategy. if youre more into aggressive trading : below the bullish engulfing. if youre more conservative: below the double bottom
Gravitas_G
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I am also bullish. But thinking of closing the trade now. I don’t see whether it will flip soon
Thomas_Zito
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@Gravitas_G, i dont personally. i fix a stop loss and take profit, then stick to my plan
Gravitas_G
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@Thomas_Zito good practice 👍🏼. If there’s bullish momentum it should start now.