Really simple, AUDUSD broke below 0.7690 with impulsive selling then found buyers at a trend-line support (0.7550), anticipating a pullback of price to return to the 0.7690/80 area before continuing lower. The first target 0.7550 200+ pips (prior swing low on the 240 chart). with 2nd target being 300+ pips.
Safe Trading... TRADE FAMILIAR PRICE ACTION SETUPS, THIS CAN SAVE YOU A LOT IN THESE MARKETS.
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Already declined 460+ Pips from high of trade call and market is only 200 Pips from target... Let see what happens, if it will go or how long it will take.
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I think this was a decent short move which produced well more than anticipated, almost 2x total distance of forecast or almost 1:11 ROI.
Based on the corrective structured support has been broken in my opinion, this is a good sell and I will more likely add to sell position after a break and retest of the 07545 level.
DavidCallwood
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The Ideal Stop Loss should be @ 0.7770 but personally I will place a 25-40 pip SL above the highest candle on the H1/60m at the time of trade execution. This is typical SL for me unless the market range is crazy and the charting pattern/price action setup suggests to do otherwise. For example you can review my prior EURAUD forecast here...
DavidCallwood
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The Ideal Stop Loss should be @ 0.7770 but personally I will place a 25-40 pip SL above the highest candle on the H1/60m at the time of trade execution. This is typical SL for me unless the market range is crazy and the charting pattern/price action setup suggests to do otherwise. For example you can review my prior EURAUD forecast here...