looking at the daily 6months chart we are currently testing the support of the upper trend channel. the risk reward of this trade is definitely in our favor with a 1:4 ratio the way I see it.entry and exit levels are blotted on the chart. happy trading!
Just went short AUD/USD at 0.7434 closer to the triangle's upper trend line expecting a pull back toward the 0.7360 levels around the lower band of the triangle.
Entry: 0.7434
Stop: 0.7470
Target: 0.7360
Continuing on my ongoing previous trades, we have reached my entry level for going short again after reaching my previous short target as I expected a bit of a pull back before completing the Head and Shoulder pattern after breaking the neckline few days ago. I went short again at 129.15 with an ultimate target of 127.40 as long as we break the previous low of...
after closing out my short position (waiting for a pullback to re-enter) in EURJPY at 129.02 post the break of the neck-line in the head & shoulder pattern I believe we will see a small pull-back towards the neckline again around the 129.25-129.33 level as shown on the chart (purple lines). i would be more inclined to start selling short starting at 129.25.
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The head and shoulder pattern in addition to the upward flag that has formed within the over all downward trending channel sets up for a pull back supported by MACD crossover few days ago.
i've entered the trade at 129.75
- top of 130.47
- first price target at 129.02
- second price target at 127.40
