$100k Challenge - AUDNZD Short - E4 T2
Hey everyone!
We have a new trade for the challenge!:D
In today's trading session, I noticed that AUDNZD is showing strong signs of a reversal, specially considering that we just rejected a few days ago a quite old resistance that comes way back from October 2023. After which the market is making a retracement that sent the Stochastic in H4to the overbought area, which grabbed a lot my attention.
Then, in the H1 chart, we can see that the market has formed a resistance area that was rejected with a quite strong bearish momentum, so I checked a smaller time-frame to zoom-in to the recent price action, which revealed that the recent retracement started to show significant bearish price action, leaving a Doji bar right at the resistance, followed by a candle with a close below the Doji's low, which gave me the green light to execute the trade.
Since we're quite close to the resistance, I see this trade as a bit of a risky move, so I left the SL 1 ATR above the last H1 high (main Idea's chart), and the plan is to consider taking the entry again around the H4 resistance in case we get stopped out in case we do see a valid entry pattern.
Regarding profit targets, I'm taking a slight deviation from the usual plan, as I'll leave both TP open, since if we take a look at the zoomed out H4 chart, there is a massive potential for the trade in case the market indeed goes through a bearish shift.
Anyways, I hope you enjoyed today's trade! Remember to follow so you can stay up to date with the trade ideas!
Until the next trade:D
We have a new trade for the challenge!:D
In today's trading session, I noticed that AUDNZD is showing strong signs of a reversal, specially considering that we just rejected a few days ago a quite old resistance that comes way back from October 2023. After which the market is making a retracement that sent the Stochastic in H4to the overbought area, which grabbed a lot my attention.
Then, in the H1 chart, we can see that the market has formed a resistance area that was rejected with a quite strong bearish momentum, so I checked a smaller time-frame to zoom-in to the recent price action, which revealed that the recent retracement started to show significant bearish price action, leaving a Doji bar right at the resistance, followed by a candle with a close below the Doji's low, which gave me the green light to execute the trade.
Since we're quite close to the resistance, I see this trade as a bit of a risky move, so I left the SL 1 ATR above the last H1 high (main Idea's chart), and the plan is to consider taking the entry again around the H4 resistance in case we get stopped out in case we do see a valid entry pattern.
Regarding profit targets, I'm taking a slight deviation from the usual plan, as I'll leave both TP open, since if we take a look at the zoomed out H4 chart, there is a massive potential for the trade in case the market indeed goes through a bearish shift.
Anyways, I hope you enjoyed today's trade! Remember to follow so you can stay up to date with the trade ideas!
Until the next trade:D
We have updates for this trade!:D I decided to take 50% out as the market seems to be finding support in the 1.0860 area. We had what seems like a break and retest of the H1 support zone. However, the market hasn't made new lows, and the previously mentioned price area can act as strong support as it comes from H4.
For this reason, I decided to play it safe, close half of the trade, and move the SL above the last high we had. I'll keep the remaining part of the trade open and ride it for as long as possible, as we still have the potential breakdown from the 1.0860 support, which can lead to a big bearish move.