AUDUSD Institutional Short Setup!
Good morning traders! This post is a few minutes late from the point of our entry, but we just entered into a short position on
AUDUSD
@ .7500. We have a very nice resistance level at .75080 that has kept the downside in check for roughly two weeks now. With no economic stimulants to justify breakout volatility, we are betting that this resistance will hold for the day at least.
The first real support below begins at around .7417, however there are clearly some bottoms that formed near .743. With the way that this pair has been trading over the past few weeks it is entirely possible to see a quick move down to the latter, but as always we will take whatever we can get. The goal is not to get greedy and to lock in profits.
Good luck to anyone who takes this trade!
Unique Forex is where retail traders become institutional traders. Learn to trade like an institutional trader and become consistently profitable.
AUDUSD
@ .7500. We have a very nice resistance level at .75080 that has kept the downside in check for roughly two weeks now. With no economic stimulants to justify breakout volatility, we are betting that this resistance will hold for the day at least. The first real support below begins at around .7417, however there are clearly some bottoms that formed near .743. With the way that this pair has been trading over the past few weeks it is entirely possible to see a quick move down to the latter, but as always we will take whatever we can get. The goal is not to get greedy and to lock in profits.
Good luck to anyone who takes this trade!
Unique Forex is where retail traders become institutional traders. Learn to trade like an institutional trader and become consistently profitable.
Trade active:
Entry @ .7500.
Comment:
Putting in a trailing stop... won't take a loss on this trade.
Trade closed: stop reached:
Taken out on trailing stop for 3.2 pips profit.... Might consider re-entering if it wants to make another run into the resistance figure within the next hour.
Still think this is a good setup though, good luck to anyone still in it.
Still think this is a good setup though, good luck to anyone still in it.
Comment:
Placing an order for re-entry @ .7505... will give it another 30 minutes. If it doesn't fill me within that time I will be done for the day.
Comment:
Didn't hit me on the re-entry... I'm done for the day will have to take the 3.2 pips. Good luck to anyone still in this looks like it is working well now.
