FX:AUDUSD   Australian Dollar / U.S. Dollar
Confluences for this setup:

- Corrected to fib level so can now expect next bullish impulse
- 61.8 has acted as resistance in the past and is now being tested as support
- Dynamic support has been tested 3x so can expect another bounce to upside
- Near to 18 EMA so can expect price to gather bullish momentum

1:5 RR on this trade

Comments

This trade idea should be listed on Google next to explanation for "trying to catch a falling knife".
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rcjugg StewySongs
@StewySongs, it's an overall bullish market on larger timeframes, we've had a wick rejection at the fib level and also at the consistently respected dynamic support. If this trade goes wrong my risk is 2% for a potential 10% gain, which I am ok with losing since you can never always be right in trading. Thanks for your comment and let's see how it plays out.👍
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rcjugg StewySongs
@StewySongs, my entry is also a conservative buy stop order so if price turns out to be as you say, a 'falling knife', my entry will not be triggered at all and I can cancel it manually.👍
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rcjugg StewySongs
@StewySongs, As you can see price has hit my take profit, have a nice trading week and work on being more positive in future👍
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