simple Monday setup
Today I'm only having AUDUSD pairs 1 activated trade and 1 pending trade.
AUDUSD seems to have bounced back from 0.74293 area this morning on hourly and if it close in green on 4H chart shortly, it should go back up slightly more.
However it did reach to a strong resistance level at 0.74780 on Friday and then aggressively dropped back, which is also at close edge of the daily trend line, so I think it's safe to say we have finally reached to a point where AUDUSD can have some correction time - hence my send trade.
First long trade:
SL: RISKY setup at 0.74249 -- this is a very small support zone, and I do believe lower than 0.741 will be much safer. Probably you can skip this trade
TP: fib based.
Second short trade:
SL: above Friday's high, 0.74801 should be safe, but you can add a few pips more depending on your broker spread and your risk management
TP: fib based.
NOTE: trading panel time scale is inaccurate - demonstration only.
GL
AUDUSD seems to have bounced back from 0.74293 area this morning on hourly and if it close in green on 4H chart shortly, it should go back up slightly more.
However it did reach to a strong resistance level at 0.74780 on Friday and then aggressively dropped back, which is also at close edge of the daily trend line, so I think it's safe to say we have finally reached to a point where AUDUSD can have some correction time - hence my send trade.
First long trade:
SL: RISKY setup at 0.74249 -- this is a very small support zone, and I do believe lower than 0.741 will be much safer. Probably you can skip this trade
TP: fib based.
Second short trade:
SL: above Friday's high, 0.74801 should be safe, but you can add a few pips more depending on your broker spread and your risk management
TP: fib based.
NOTE: trading panel time scale is inaccurate - demonstration only.
GL
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