KyleGuilfoyle
Short

Downward channel swaying AUDUSD lower

FX:AUDUSD   Australian Dollar / U.S. Dollar
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6
236 3
I expect that when we open on Sunday, the AUDUSD will consolidate as some will want to push it up to the downward trendline ; if there is confirmation that it will continue lower, I will open a short position around 0.71100 and catch some of the downward movement. My inclination is bearish , however if it goes up and breaks the 0.71500 downward trendline , I will open a long position and catch some of the movement toward 0.7200 resistance.

Open at 0.71080
S/L: 0.71329
TP: 0.70711
R:R 2.57:1
Olu LaiptaiCervinskas
Useful video. Thanks. It is also possible that the recent upmove in the pair was just to to retest the underside of the breakdown channel and price will just fall away from there
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Excellent plan. The risk in a short trade is well defined
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