Before shorting AU wait for trend break of .7790 . Candle must close. Don't get too excited.. Expecting to reach at least .7750 before the pullback ..
Entry .7800
SL .7825
TP1 .7725
TP2 .7675
Reasons for
- Clearly price is putting in lower lows and lower highs (Clear Downtrend)
- Price broke key level at 120.00 A week back so we maybe heading to next key level ?
- Price has put 3 touch on short term 4 Hour trend line
- Price put in doji the a bearish engulfing and clearly bearish candle then another bull green candle then another gearish engulfing ...
A PIN BAR HAS FORMED ON THE H4 CHART. STRONG DOWN TREND ON THE DAILY CHART.
FALLING TREND LINE
TAKE PROFIT IS SET TO HALF MY POSITION AS I THINK THERE COULD BE ROOM FOR POSSIBLE FURTHER DOWNWARD MOVEMENT. STOP WOULD BE MOVED TO BREAK EVEN.
