Hey guys,
after missing a nice and profitable flag pattern on EURUSD we have another chance to hop on the trend in another USD pair. This time it's the AUDUSD turn.
We recently broke to the downside a flag pattern and we are now heading back to retest the most recent lows.
In higher timeframe we are "free falling" cause we've broken support after support.
I've outlined a blue box with the helf of Fibonacci retracement. My zone would be between .618 and previous highs (in order to have a decent risk to reward).
If and when price will give me an engulfing candle on 15m or a double top in 5m i'm selling this.
You can trade this setup with one single target at the retest of the lows and have about 2:1 RR or you can split your position in two and take the first target at 1:1 and the second with structure (or even with extensions).
I'll let you know if i go short.
If you have any question, please do below.
Otherwise, see you in the next chart!
after missing a nice and profitable flag pattern on EURUSD we have another chance to hop on the trend in another USD pair. This time it's the AUDUSD turn.
We recently broke to the downside a flag pattern and we are now heading back to retest the most recent lows.
In higher timeframe we are "free falling" cause we've broken support after support.
I've outlined a blue box with the helf of Fibonacci retracement. My zone would be between .618 and previous highs (in order to have a decent risk to reward).
If and when price will give me an engulfing candle on 15m or a double top in 5m i'm selling this.
You can trade this setup with one single target at the retest of the lows and have about 2:1 RR or you can split your position in two and take the first target at 1:1 and the second with structure (or even with extensions).
I'll let you know if i go short.
If you have any question, please do below.
Otherwise, see you in the next chart!
Trade active:
Entry: 0,72555
Stop Loss: 0,7268s
Target: 0,7230s
Stop Loss: 0,7268s
Target: 0,7230s
Trade closed: stop reached