AUDUSD Short Setup Idea

FX:AUDUSD   Australian Dollar / U.S. Dollar
163 1
AUDUSD beginning to offer a good shorting opportunity. Most but not all of my trades I prefer to wait for confirmation which is less reward but less risky imo so here is one such possibility.

AUDUSD is wedged in a position where it will soon move to the downside but I will only be opening a position after the break and retest of the lower band or on "a move higher that fails to break and close above the top band".

Simple rules here to follow that will offer a decent RR move to the downside.

If I see a break and candle close above the upper band I will not be opening any position and there is no trade and capital preserved.

RSI is a little low for my liking which is why I prefer to see a move and failure higher before opening or a break below the bottom band and retest.

Comment: AUDUSD reverses higher as expected now we wait and watch as the market rejects this level. Like to see a few more bars/hours being rejected for solid confirmation.

Comment: The chart below shows exactly why I like to wait for confirmation on a trade and for those times I don't like on my DAX trade I tend to get burned.

We can see that AUDUSD held it's weekly and daily support levels on the back of not so great US data plus is currently trading above it's daily pivot.

This trade idea is therefore cancelled for the time being with no position having been opened.

This would leave the door open for this pair to move higher today but since I'm not interested in what I see I'm moving on to greener pastures.

Only way to sum up this week in Forex is chop, chop, chop.

Very good runtime commentry. Congrats
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out