AUDUSD: Sell Signal from Resistance

It is an example of a possible sell trade. The trading plan is based on a reversal from the resistance zone between 0.70000 and the daily downtrend line. If we look at the 1H chart, we will see a sideways movement in the borders of the price channel. So, we have to use the rules for trading in a range market where we buy from the support and sell at the resistance.

Estimated entry and exit points:
Sell below 0.69835
Stop above 0.70030
Profit Target at 0.69230
Risk per trade must be no more than 1-2% from the trading capital.



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Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.

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By the way, today this market also gave us a buy signal based on the reversal from the support zone. Here is the example of a possible long trade.