Only sell when it breaks the trend-line Stop loss is illustrated by the red rectangle. Green rectangle is take profits.
Most Likely will be a long. But if it's not we move to plan B which is to short. :) Green Rectangles are a take profit areas This Idea was based off Trading_Jazz Monthly Cypher Pattern that he posted in the Forex chat. that was the reason I decided to look at AUD/USD and do some analysis. Here's the link to his profile if you want to check him out. www.tradingview.com
I am expecting for the short play to play out. However, there is a chance it could long. The green areas are take profit zones Make sure to set stop losses base on technical indications.
This is one of my favorite trades. A clear pennant forming which will be looking to break around 2/3's the way through the triangle(that's my general rule of thumb, the more it trades into the apex the less decisive and powerful the break). Easy to read upside, a nice tight stop, with a good risk-reward. In addition the stock is relatively small and nimble, and...
Shorting FTSE100 Below 6753 targets are the green lines. Ultimate target is 6668 support level. Orders are set to short below 6753 so put them in.