nomind7

nomind7

Cypher; Candlestick; MACD; Aroon pointing to long. Set stops and manage risk (2% account, >1.5/1 Limit/stop).

nomind7

stopped out of prior trade at cost. long again with conservative targets at 38% and 62% fibs of hourly downtrend seen here but could rally to 38% of prior larger daily downtrend (see prior post: AUDUSD - FLAG IN UPWARD RETRACEMENT - PART 2 LONG). manage risk and set stops.

nomind7

Retraced to 23.6% and to top of flag/penant. Now adding to long position for same 38.2% target on larger downtrend. Stop at X-10pips.

nomind7

And here is the daily. If this flag plays out then the projected target is bang on the 0.382 Fib of the prior downtrend.

nomind7

Daily MACD has crossed over and AUD retracing recent correction. Is there more upside? This could be a flag setting up.

nomind7

Adding to short position - same stop and target. Grey rectangle - potential reversal zone.

nomind7

Price hitting prior trend line now resistance; price closing on triple top; MACD 240 min rolling over; favorable risk/reward.