AUDUSD BREAK AND RETEST TRADE SETUP

Dec 15, 2016

Hi everyone:

Here is my view on AUDUSD SHORT, Any type of feedback is greatly appreciated it. Thank you

Trade: #10
Date: 12/15/2016
Time: 06:00 GMT
Forex Pair/Commodity: AUDUSD
Position: SHORT (SELL)
Reward/Risk: 2.6:1
Opportunity:

Weekly: Breakdown support trend line, retrace at 50 EMA with two dojis
Daily: Formed a bearish flag pattern, price broke out of the support trend line, continue its bear momentum to the downside.
4 Hour: Support trend line broken, now price retested the resistance area consist of 50 EMA, main pivot point, and 0.382 fibs retracement
1 Hour: Break down short-term support trend line, massive drop, a mini pull back had formed.

Looking to take this pair to daily strong horizontal support and resistance line of 0.7300 area for
roughly 2.6:1 reward risk ratio.

Thank you for your support

Dec 15, 2016

Note

Here is the DAILY chart:


Here is the WEEKLY chart:

Dec 15, 2016

Note

Date: 12/15/2016

Time: 14:00 GMT

Already hit 1% profit and keep dropping, move my stop loss to break-even at entry price of 0.7415.

Dec 16, 2016

Trade closed: target reached

Date: 12/16/2016

Time: 19:00 GMT

Price continue to drop, pass my initial target @0.7310. Manually exit the trade @ 0.7295 area for a total of 3% PROFIT from a 3:1 Reward/Risk Ratio. Big winner.