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
Trade active
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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.
Comment
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Not looking too good! 1D lowtest on a 4hr trendline and price exploded from there. Should have taken that lowtest as a signal to move to break even and close out trade as quick as possible and possibly reverse the position.
I'm expecting to get stopped out pretty soon. Live and learn folks!
Trade closed: stop reached
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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.