I have been itching to short this pair since yesterday. The previous D1 candle was ruthlessly bullish, but bulls seemed to lose steam at around 1.57900, which now looks to be acting as a fairly solid resistance zone. SL is placed just above the highs of yesterday. I have confidence we will see this pair fall considerably and now I've found my entry. My desired sell zone was initially around 1.58000, but we failed to see EUR/AUD approach this price and my bias I still valid. Therefore, I have added short positions here, still with fantastic R:R. R:R 1:3.25. My furthest target is 1.70000, which will give roughly 75 pips.
Comment:
TP1 has already been hit! SL is now at breakeven on my remaining position. Therefore, this is now a risk-free trade.
Trade closed: target reached:
Closed my second position with around 50 pips profit at 1.57250. Cracking trade.
Comment:
TP2 (1.57000) was successfully reached.