FX:AUDUSD   Australian Dollar/U.S. Dollar
120 3 1
Trade active
Comment: Targets:
[image]https://www.tradingview.com/i/XzYlIVxF/[/image]
Comment: 1st Target at 0.73660
2nd Target at 0.72813

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Bro...why would you do a short after it break your green long downtrend line? If you are trading short just because of pull back, you need to polish your price action a bit. Cos' you see the impulsive rise followed by the corrective move of flag...last few candles are pinbar upwards, you should not have short. You draw a good harmonic but how come you short...don't understand. Statistic says, follow the trend will give you better reward. If you want to counter trend, you need to study price action and other confluences to have a sharp analysis and determination. And try to put half order size if you are trading counter wave direction. For e.g. if it's a 1,2,3,4,5... the last wave will have a deeper reversal (say fibo50 in average, keep half to test 618)
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reasons:
previous strong structure level
RSI overbought above 80, bearish divergence.
MACD crossover.
price cluster after long range bar, also bull trap candle to complete the pattern.
Daily chart, strong downtrend, pullback to 50% retracement.
possible price rejection again at 0.75, would have to wait and see.(just my opinion)
We also had 2618 which shot up quiet rapidly up to 1.618 extension, but RSI OB at 1.27 (had to run out of fuel, again just an opinion)
for me, this pair has good harmonic pattern results.
Keeping my trading plan and money management, I chose this trade and position size accordingly.
my knowledge about wave trading is no good so didnt understand your last sentence
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