Update from my SHORT AUDUSD call I wrote posted here, currently up +340 pips across the two lots as price is nearing the target area of the 3 Drives Pattern I drew in here. On March 14th I absolutely nailed the coming decline. Do yourself a favor and check out that post.
Confluence: Relevant confluence around target area include the 78.6% retracement, the 100% extension, and the 0.764 round number.
Sentiment and Trend Strength: Retail trader sentiment shows moderate LONG bias, buying into the decline in anticipation of a trend reversal. However, most technical indicators support further decline as the current BEARISH trend continues to strengthen.
Outlook: SHORT with 1st target between 0.7640 and 0.7615
Confluence: Relevant confluence around target area include the 78.6% retracement, the 100% extension, and the 0.764 round number.
Sentiment and Trend Strength: Retail trader sentiment shows moderate LONG bias, buying into the decline in anticipation of a trend reversal. However, most technical indicators support further decline as the current BEARISH trend continues to strengthen.
Outlook: SHORT with 1st target between 0.7640 and 0.7615
Trade closed: target reached:
Not quite to my target, but I closed out my final two lots. I'm already regretting closing that final lot out and not just setting the trailing stop to break-even. Right now though, conflicting signals on the Aussie as it is overextended, yet sentiment is heavily long. I anticipate a minor corrective rally, if any at all, and more downside from there. I'll be looking for a high probability entry at that point.
