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nick.trader4

Aussie Dollar 4hr chart- Massive Risk:Reward

Short
Australian Dollar / U.S. Dollar (OANDA:AUDUSD)  
nick.trader4 Updated   
OANDA:AUDUSD   Australian Dollar / U.S. Dollar
aussie dollar USD Forex trade
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aussie dollar usd forex trade
Counter trend pullback seems to have come to an end with the double top confirmation bringing price back into the downward channel. Price has bounced off support and looking to rise to retest the top of the channel. This could be a nice short setup with favorable risk:reward.
Comment:
TL didnt hold, accumulation occured right at the TL after a strong bull move. Price has since broke out of the downward TL and is now retesting that same resistance as a newly formed support. Could start to see more upside if 0.74800 is broken.
Comment:
Stop Loss was a bit too tight here, 0.74800 would've been more appropriate. Nonetheless there was still room to take another entry after the large bearish engulfing candle. Satisfied with the analysis nonetheless.
Trade closed: target reached
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