AUDUSD - Bearish Shark at $0.8095
Hi guys, was flipping my charts around and saw an interesting setup on AUDUSD.
This is a bearish shark which is about to complete very close to $0.81.
This is how I will trade this.
How to trade the bearish shark setup on AUDUSD?
1) Wait for price to hit PRZ level around $0.8090 -$0.81
2) Lookout for volume divergence around this level (Price hit $0.81 but volume drops considerably)
3) Enter after price completes a bearish candlestick pattern which closes on the low
EP: 0.81 (Very close to this level, no reaction at this PRZ level no trade)
SL: 0.8150
TP: 0.7980
This is a bearish shark which is about to complete very close to $0.81.
This is how I will trade this.
How to trade the bearish shark setup on AUDUSD?
1) Wait for price to hit PRZ level around $0.8090 -$0.81
2) Lookout for volume divergence around this level (Price hit $0.81 but volume drops considerably)
3) Enter after price completes a bearish candlestick pattern which closes on the low
EP: 0.81 (Very close to this level, no reaction at this PRZ level no trade)
SL: 0.8150
TP: 0.7980
Trade active:
Went in after the red bar completed after fomc around 0.8050. Hoping for a nice ride even though I did not bother to find out what was the news during fomc. I set my TP to open and am willing to hang on to this for awhile.
Comment:
Adjusted my TP to 0.7815
Comment:
Still moving down nicely. I will be taking profit off my positions at 0.7815 - 0.7820.
Trade closed: target reached:
Target at 0.7815 nicely reached. +235pips
