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MEX_Exchange
Oct 24, 2017 2:20 AM

AUDUSD remain bearish whilst protecting our profits Short

Australian Dollar/U.S. DollarFXCM

Description

Sell below 0.7829. Stop loss at 0.7864. Take profit at 0.7738.
Reason for the trading strategy (technically):
Price has continued to drop perfectly towards our profit target. We remain bearish looking to sell below 0.7829 resistance (Fibonacci retracement, horizontal overlap resistance) for a further push down to at least 0.7738 support (Fibonacci extension, horizontal swing low support). It is important to note that we expect a strong acceleration to the downside once we break our descending channel on price and RSI.
RSI (34) sees a nice descending channel signalling that we’re still in a bearish configuration.

Comment

Aren't we kicking ass? :P
Comments
POE369
Thank you !
MEX_Exchange
@POE369, glad to help buddy :P
yucijesuf
Are you confident it will go in this direction?
MEX_Exchange
@yucijesuf, yeah fairly!
cexequ
everyone we should thank MEX_Exchange more for all the work he has been doing...
MEX_Exchange
@cexequ, Haha your words are too kind :P
yiyecerudq
thanks... you are good.
MEX_Exchange
@yiyecerudq, I'm only good until I'm bad I guess haha!
rowumube
This is a really good idea... thank you thank you.
nipicagat
Thanks for the analysis good sir!
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