SteveTobin

Short opportunity AUDUSD

Short
FX:AUDUSD   Australian Dollar / U.S. Dollar
We have had an excellent week with trades in GBPUSD , AUDUSD and NZDUSD making excellent profits, up more than 20% this week which makes up for last weeks rather poor performance. Another opportunity is brewing that would allow us to sell the AUDUSD again.
AUDUSD is in a clear downtrend confirmed earlier in the week when price moved below the red horizontal line marking the low point of this decline on June 21st, whenever we have a clear downtrend I will be looking to sell any bounce that unfolds in a manner that allows me to project its likely end and bounces high enough to give the correct risk reward. AUDUSD is bouncing along with GBPUSD , the structure of AUDUSD allows me to project an endpoint for this bounce at 0.7373. I have set a sell limit order at this value and a stop loss just above the green box, R:R looks good at 4:1 but I may have to exit early as I do not always let trades run over the weekend.
If price makes a new low I will cancel the set up.
Comment: adjustment entry level 0.7369
Trade closed: stop reached: Stop loss hit, it jumped twice on reaction to news and hit stop loss just after UK data came out slightly above estimate. A loss of 2% to close the week is really disappointing but it has been a good week with an 18% increase in equity. No more trades today have a good weekend.

Comments

THANK YOU SIR LOOKING FORWARD TO THAT
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