Fellow Traders,
Head and Shoulders spotted on the AUDUSD and price has broken through the neckline for a move down. Also, there is a downtrending fork in play on a larger timeframe (see attached in comments). Let's see if selling pressure increases.
Trade Details
Entry: .78538
SL: .79420
TP1: .77368 (I plan to take 1/2 position profit here)
TP2: .763 (I plan to close the remaining portion of the trade here for profit)
I suggest risking no more than 1% per trade by adjusting your position size accordingly.
Luke
Check out my performance record of all published trades on TradingView: tinyurl.com/klkd2vr
Update - 30 Mar 2015: Trade closed for profit
Head and Shoulders spotted on the AUDUSD and price has broken through the neckline for a move down. Also, there is a downtrending fork in play on a larger timeframe (see attached in comments). Let's see if selling pressure increases.
Trade Details
Entry: .78538
SL: .79420
TP1: .77368 (I plan to take 1/2 position profit here)
TP2: .763 (I plan to close the remaining portion of the trade here for profit)
I suggest risking no more than 1% per trade by adjusting your position size accordingly.
Luke
Check out my performance record of all published trades on TradingView: tinyurl.com/klkd2vr
Update - 30 Mar 2015: Trade closed for profit