Long opportunity on AUDUSD

11 thg 4, 2020

I'll be looking for a pullback to channel support where it coincides with 38.2 fib level for a potential long trade. This warrants a 1:4 risk-to-reward trade. I would like to see a retest and a bounce off fib level / horizontal support / parallel support. This added confluence will make this a high probability trade.

11 thg 4, 2020

Ghi chú

We can see a crooked double bottom form on the daily chart of AUDUSD. Another way to look at it would be Higher Highs, Higher Lows.

11 thg 4, 2020

Ghi chú

To add on, I would want to see a bullish reversal candle on H2 should price make its way to the mentioned area below.
If I were to take the trade based on my entry rules, I'll have my stop below 0.6130, roughly 100 pips away from entry with a 400 pips TP somewhere around 0.6620 where it coincides with a fib extension level