FedericoSellitti
Short

EURAUD trading the rejection at the top of the rising wedge

OANDA:EURAUD   Euro / Australian Dollar
EURAUD is following a rising wedge and the setup of the moving averages also show that there is an uptrend. So why am I planning a short position?
The rising wedge is still quite large and this gives the opportunity to try to find a rejection at the top of it, with a great risk to reward ratio.
Also, the moving averages are quite close to each other, so with a rejection at the top, the setup could change quite fast, so I wouldn't rely that much on that in this situation.
I structured the trade to trade the rejection at the top and also a breakout at the bottom, but I would start to take part of my profits if the price reached the bottom of the rising wedge .
Oct 16
Trade active: Opened the trade after the reaction by sellers. Very good upper shadow on the rising wedge and good red candle following. Worse risk to reward ratio, but still a great one!

Oct 16
Comment: Sorry for posting the trade with the Ichimoku, I was just checking my trades with the Ichimoku account and I forgot to switch back to Swing Trading :)
Oct 17
Trade active: First take profit at 1.6280, removing 1/2 of the position with a great profit. Keeping the rest of the position to check if we have a breakout.
Oct 17
Trade active: Took 1/2 of the profit and moved the stop loss at 1.6380.

Comments

First take profit at 1.6280, removing 1/2 of the position with a great profit. Keeping the rest of the position to check if we have a breakout.
+1 Reply
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