Shorts on AUDUSD??? I've once read a quote from a very wise man, it's stuck in my mind till date. "News create volatility, not direction." That's what he said. Now, a lot is happening around the dollar which means we have to take trades with caution. What do we see on AUDUSD?? Our 1D support and resistance levels. 4H downtrending market structure. Bearish correction. Trade Confirmation??? 3rd touch on the resistance trendline. Reversal candlestick 4H. Low momentum going up.
Price did not respect my setup. We didn't get a reversal candlestick pattern. Instead, price broke through my TL, which invalidated my setup. We'll catch it at some point.
FxRunner_Mel
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UPDATE: We have a beautiful wick rejection on the TRENDLINE, which also serves as our 3rd touch. Do we enter??? No!!! If we did, it would be a risk entry. It's best to wait for a reversal candlestick before taking action.