FX:AUDUSD   Australian Dollar/U.S. Dollar
Selling the trendline pullback seems like a good idea. Confluence with a 382 Fib retracement and structure level.

Watch price action for a sell signal, or entry order at the trendline .

More conservative traders can scale into the position slowly adding as price goes higher with stops above the latest structure high (above .7570).

Not looking for buying opportunities quite yet.

Plan your trade and trade your plan.

I'm thinking about putting our more posts in this format "Buying /Selling Trading Plans" for the pairs I trade, as opposed to specific entry/exit setups. We could all benefit from some more practice staying one step ahead of the market and following through with a plan.

Cheers and happy pipping!
Comment: Added to position at .7500 on the large wick move when we tested the 382 again. Trade is somewhat in profit but just sort of ranging and consolidating it is very messy, hopefully we can get some movement to finish out the week.
Comment:
snapshot


618 level very important
Comment: After exiting last Friday pretty breakeven I am back in on this rejection candle
snapshot
Trade closed: stop reached
Sir, where is SL? At the top of the wedge to get out before a potential breakout or at the .618 or 1 fib levels?
Reply
We are at the trendline now which is a good place to sell. It has to hold and the bears must take control of the market for us to justify being short. Stops dont need to be too much higher than the trendline/red rectangle in my opinion. Of course if you are a strict structure trader stops can be right above previous structure high at the 1 fib level. Place according to your risk rules, with a MAX loss of 3%.
Reply
are we going short now?
Reply
I am short with stops above the rejection candle
Reply
United States
United Kingdom
India
España
France
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
日本
한국
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out