AUDUSD
After the massive wick I have been looking for a decent entry to go long. (I use the wicks as indicators - spike to the low, price goes up - spike the high, price goes down)
Now checking on H4 I see a clear opportunity with great up side potential.
1. Trend line broken on H4
2. Bullish engulfing pattern printed on D1 (on support)
3. Hammer printed for lest weeks weekly candle
I have opened a buy order at market price @0.71938 with
SL below the trend line @ 0.70978 (also placed below 200ema on H4 intentionally as the 200ema is a good trend indicator here) and
TP provisionally at resistance @ 0.73010
IF price breaks above the 0.72998 resistance level this trade can pay out exponentially.
Don't bet the farm and always exercise good risk management
Trade closed: target reached