Not the cleanest, but still a convincing naked set up on AUD/USD. Nothing is better then price reacting to the intersection of key support/resistance and a long term trend line. My favorite set ups!
- Price stalled out at key resistance of (0.76000)
- Bearish engulfing candle 1D
- Double top Pattern (4hr)
- Bouncing off long term bearish trend line
- Aligned with trend
- Price stalled out at key resistance of (0.76000)
- Bearish engulfing candle 1D
- Double top Pattern (4hr)
- Bouncing off long term bearish trend line
- Aligned with trend
Trade active:
Got triggered in. Didn't get the big bearish move I was hoping for the next day, but still happy with where price is gone. Time to ride this sucker out.
Trade closed: stop reached:
As expected I got stopped out on this trade. My trade idea was still correct, just an early entry. I should have waited for the next high test that formed to trade this short. Unfortunately I already had trades open on AUD/CHF ,AUD/JPY, AUDNZD which is far too much exposure to one currency already.
I'm expecting to get stopped out pretty soon. Live and learn folks!