Petr Suchanek
Short

AUDUSD immediate drop

FX:AUDUSD   Australian Dollar/U.S. Dollar
188 7 3
AUDUSD             finds itself at an important level of 61.8 Fibonacci of prior major swing. After showing a sign of consolidation
(cycle close) below that level Aussie is forming now a break out of the high, which could lead to long covering if enough of longs are trapped there.

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anish_206
3 years ago
Hello Mr. @Petr Suchanek , In this particular trade, what would suggest the stop loss be ? Is it okay to keep it around 0.9470 or is it better to keep it higher above previous high i.e. Above 0.9535 ? Please let me know ASAP as I would like to enter this short for at Take profit of 0.9365 , hopefully for a safer bet. In case you'd suggest a higher Take profit, please let me know . Thank you.
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Petr Suchanek anish_206
3 years ago
Hello , stop from 0.946 to 0.947 looks good...
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anish_206 Petr Suchanek
3 years ago
Thanks for the reply sir. Based on its current movement , Do you think it would reach it's current Target 1 - 0.9340 approx before going up?
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Petr Suchanek anish_206
3 years ago
That is my plan, i.e.. target 1, but be cautious around 0.938 (prior consolidation range low...)
Reply
anish_206 Petr Suchanek
3 years ago
Cool. Thank you. Just for two TP's , I have two sell AUD/USD pairs, would it be safe to say it would definitely reach 0.9360 so as to keep one pair's Take profit at 0.9360 (will short for sure) and another one's at 0.9340 ?
Reply
Petr Suchanek anish_206
3 years ago
You can never be sure if it reaches your target, you have to manage your winners and take what the market gives you. I usually set my targets, but I listen to price action and many times I cover sooner than at my target...
Reply
anish_206 Petr Suchanek
3 years ago
Okay Thanks a million . Will try and follow your advice for taking out before the target. Fingers crossed. :)
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