AUDUSD - Potential Short Swing Trade on the 4H

FX:AUDUSD   Australian Dollar / U.S. Dollar
In this chart we can see a tentative formation of an ascending channel . This is following a sharp bullish rebound from the base of the extended descending channel on the higher time frames. I'm looking to enter a short position at the top of the channel upon the third touch. The third touch of this channel trend line will confirm the validity of the channel and therefore confirm my entry of a short position should we see price react accordingly. I'll be looking to target the 61.80 fib level with a potential scale in if we see a correction on the way down. I intend on keeping my shorts open if the trade is going to plan and we also see a break of the bottom channel trend line . Although, I believe it is unlikely we will see this within this wave but potentially on the next wave down.

Good luck.
Order cancelled


Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Private Messages Chat Sign Out