AUDUSD Short by Bijoymj

Trading Discussion
1

Pair: AUDUSD

Timeframe: 4 Hour

Long or short: Short

Trade rationale:

  1. Price testing falling Trend line after a retracement
  2. Price also at Fib 61.8 level
  3. The level is in line with Previous support
  4. Stochastic is ready to leave the over bought territory

Entry: 1.0360 (At market)

Exits: SL at 1.0410, TP at 1.0235 (It can be extended to 1.0185, which was a solid support earlier)

Trade is offering an RR of 1:2.5 (On extended TP, RR is 1:3.5)

Chart:

audusd short.jpg700×382 36.4 KB

2

We can extend the TP to 1.0185 as it was a strong support earlier.

See the daily chart

audusd short daily.jpg700×382 35.1 KB

3

The trade is presently up by 60 pips and so I am moving the stop Loss to BE at 1.0360. Also I am extending the TP to 1.0185 from 1.0235 as 1.0185 area was a strong support area previously as given in the above daily chart.

4

How did you get on with this trade in the end? I made a similar trade, but ended up with 25 pips after the chart bounced ~1.0277. Was lucky in the end to take that.

5

I’m short as well, triggered last night aiming for a similar exit.

audusd.jpg700×306 23.7 KB

6

Got back into a short after the nice double top formation. Gonna watch 1.03 level plus descending line of 5th/13th Feb highs. A break below could pull some big pips.

Capture.jpg700×320 27.9 KB

7

I’m also with you on this one since 1st test of 1.035! TP @ 1.023 for me, tightening stop if it breaks 1.03…

8

I too exited with a 28 pip profit.

No further trades on AUDUSD. Short on NZDUSD from 0.8475 and is going well.