AUD/USD has set up for a good short opportunity.
It has been rejected by the current trendlines in the overall downtrend.
I will be watching for a 4 hour candle to close below the blue support line to go short for at least the short term.
If a 4-hour candle closes above the current trendlines I will be looking to go long.
PLEASE NOTE: I don't usually use a stop loss except to lock in profits so make sure to choose your own stop loss. I typically wait for a 4-hour candle to close beyond my stop loss before I exit. This way I don't have to worry about wicks/being faked out. In this situation my stop loss is a 4-hour candle close above the outside trendline.
FOLLOW ME and LET ME KNOW WHAT YOU GUYS THINK about AUD/USD in the comments section below!
It has been rejected by the current trendlines in the overall downtrend.
I will be watching for a 4 hour candle to close below the blue support line to go short for at least the short term.
If a 4-hour candle closes above the current trendlines I will be looking to go long.
PLEASE NOTE: I don't usually use a stop loss except to lock in profits so make sure to choose your own stop loss. I typically wait for a 4-hour candle to close beyond my stop loss before I exit. This way I don't have to worry about wicks/being faked out. In this situation my stop loss is a 4-hour candle close above the outside trendline.
FOLLOW ME and LET ME KNOW WHAT YOU GUYS THINK about AUD/USD in the comments section below!
Comment:
Now that the trendline has broken. I will be looking for a re-test of the trendline as a good long opportunity.