Update: Short has been entered upon the daily candle close as a Doji. Showing the false breakout and stop hunt which ensued today. Stops / targets remain the same. Best of luck to all who have entered short, lets see how it plays out! =)
Well we have very clear levels on the Aussie, which is something that I really like! Haha =D
All joking aside, what we have here is price action which is evident across most currencies paired with USD. Support is outlined by the green box on the chart which is within the 0.7590 area. With resistance being within the area of the .50 Fibonacci Retracement. A Break above that level will expose new resistance which is the .786 Retracement / 100 MA. This pair for me personally is still a short until it breaks above the .786 Fibonacci Level.
I might / might not wait on short confirmation at the .50 Fibonacci level. All depending on what price action is doing.
Short trade targets will be split into 3 different targets.
Target 1 = Low level support (green box)
Target 2 = -27 Extension
Target 3 = -618 Extension which also coincides with historical Weekly Support (0.7127)(Will provide a snapshot of the area)
Stops will be placed around 0.7960 (Very nice Risk / Reward on this trade)
Upon execution of short trade target one, I will move stops to break even.
Upon execution of short trade target two, I will move stops around 0.7700.
Upon price moving 50% of the way to target 3, I will move stops to 0.7558.
Happy trading traders, and as always feel free to provide your own personal view in the comment section! =)
Well we have very clear levels on the Aussie, which is something that I really like! Haha =D
All joking aside, what we have here is price action which is evident across most currencies paired with USD. Support is outlined by the green box on the chart which is within the 0.7590 area. With resistance being within the area of the .50 Fibonacci Retracement. A Break above that level will expose new resistance which is the .786 Retracement / 100 MA. This pair for me personally is still a short until it breaks above the .786 Fibonacci Level.
I might / might not wait on short confirmation at the .50 Fibonacci level. All depending on what price action is doing.
Short trade targets will be split into 3 different targets.
Target 1 = Low level support (green box)
Target 2 = -27 Extension
Target 3 = -618 Extension which also coincides with historical Weekly Support (0.7127)(Will provide a snapshot of the area)
Stops will be placed around 0.7960 (Very nice Risk / Reward on this trade)
Upon execution of short trade target one, I will move stops to break even.
Upon execution of short trade target two, I will move stops around 0.7700.
Upon price moving 50% of the way to target 3, I will move stops to 0.7558.
Happy trading traders, and as always feel free to provide your own personal view in the comment section! =)