This is my analysis and trading plan on AUDUSD i'm looking to long/buy from the 61.80 FIB retracement where the buy is indicated with several confirmations.
1. First confirmation will be it's movement down to retest the support and bounce back up to form a double top which is yet to form at the area of resistance indicating a clear reversal sign with the two red arrow and fib rejection of 0.00 going for a short/sell down to 61.80 FIB to find a support and in turn form a double bottom indicating a clear reversal sign with the two green arrow which will cause a spike up.
2. Second confirmation, the trend is bullish so i patiently wait for all my analysis to play out giving me a clear and strong confirmation to buy/long.
RISK/REWARD RATIO @ 1:6
STOP LOSS @ 200 PIPS
TAKE PROFIT 3 @ 1259 PIPS
I welcome all comments, feedback, ideas and sharing of knowledge.
Have a great trading week!
Disclaimer: (This is for educational purpose only. Thank You.)
1. First confirmation will be it's movement down to retest the support and bounce back up to form a double top which is yet to form at the area of resistance indicating a clear reversal sign with the two red arrow and fib rejection of 0.00 going for a short/sell down to 61.80 FIB to find a support and in turn form a double bottom indicating a clear reversal sign with the two green arrow which will cause a spike up.
2. Second confirmation, the trend is bullish so i patiently wait for all my analysis to play out giving me a clear and strong confirmation to buy/long.
RISK/REWARD RATIO @ 1:6
STOP LOSS @ 200 PIPS
TAKE PROFIT 3 @ 1259 PIPS
I welcome all comments, feedback, ideas and sharing of knowledge.
Have a great trading week!
Disclaimer: (This is for educational purpose only. Thank You.)