AUDUSD 4 HOUR BREAK AND RETEST TRADE SETUP

Hi everyone:

Here is my view on AUDUSD SHORT, Any type of feedback is greatly appreciated it. Thank you

Trade: #4

Date: 11/30/2016

Time: 05:00 GMT

Forex Pair/Commodity: AUDUSD

Position: SHORT (SELL)

Reward/Risk: 1:1

Opportunity:

Weekly: Price action broke down support trend line and 20/50 EMA, and retest at 50 EMA, forming high test candle
Daily: over extended run to the downside, pulled back to 0.382 fibs retracement on daily chart and 20/200 EMA. Price action formed a doji followed by a bear engulfing candle
4 Hour: double tops, break down the support trend line, 20/50 EMA, then retest to main pivot point and 0.382 fibs retracement on intraday chart
1 Hour: break down 20/50 EMA and support trend line, pulled back at main pivot point, and 20 EMA, bearish MACD

Looking to take this pair to previous low of 0.7370 area with a 1:1 reward/risk ratio

Thank you for your support

Comment:

Trade closed: target reached:

Date: 12/01/2016
Time: 15:00 GMT

Hit target price of 0.7370 with 1% profit from 1:1 reward/risk ratio trade setup