AUDUSD reached today the 0.618 fib retracement level and have trouble going higher.
We had an ABC correction on the 4H time frame + a false breakout/bull trap based on a top trend line + a bottom trend line breakout on minor timeframe (5 mins). Seems like a very good time to try a short for an excellent risk ratio.
Target : 0.69 (TBD but I'll be aiming for a daily timeframe target on this one)
Stop : 0.7503
Breakeven : at 0.74
We had an ABC correction on the 4H time frame + a false breakout/bull trap based on a top trend line + a bottom trend line breakout on minor timeframe (5 mins). Seems like a very good time to try a short for an excellent risk ratio.
Target : 0.69 (TBD but I'll be aiming for a daily timeframe target on this one)
Stop : 0.7503
Breakeven : at 0.74
Trade attivo:
We entered short just below 0.75. And just now, the price reverted again at the 0.5 fib retracement around 0.7430 which also correspond to a previous support (low at 2016-11-29 08:30).
I just added to the position.
I just added to the position.