preyes

AUDUSD Pinbar @ key resistance level

Short
FX:AUDUSD   Australian Dollar / U.S. Dollar
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2
Unfortunately I was stopped out from my previous short trade when I entered at around 0.76941 and was stopped out at around 0.77308. I don't regret that trade as I do believe it was a good one to make. Here though we have another larger pinbar at key resistance this time on a higher level. I'm setting a wide stop loss at 0.77620 which should be more than enough for this trade given where price is at the moment. First target is naturally around the 0.76629 level.
Comment: Price is obviously struggling to make higher highs at the moment. Everything points to a bearish reversal. Waiting game now.
Comment: Price finally making the expected bearish move. Hoping for the initial target of 0.76629 in which case my stop will be moved to break even. Price seems to have had some strong bearish momentum in the last 8 hours or so, let's hope this continues.
Trade active: 0.7671 - Stop moved to breakeven
Trade closed manually