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| AUDUSD Daily Time Frame |
Looking at the Daily Time Frame and even the weekly time frame, you can see that the pair has been in a very huge down trend. With that bias I am only looking for a possible short entry with the major trend. Last Friday, the pair was able to rally significantly and engulf the bearish candle from Oct 29, 2015. Today there was still a continuation of the up move but looking at the lower time frame...
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| AUDUSD 1HR Time Frame |
I was able to find a bearish gartley patter in the 1hr time frame. I was a little bit hesitant about this trade as the market is a little bit retracing and is currently going back close to the trend line. But this is an opportunity to short the market with minimal risk than usual.
I entered the trade at 0.71409 looking only to gain at least 60 pips at 0.70809. I will be only risking 30 pips on this trade at 0.71709. I know that I am not following the advanced pattern take profit but I am trading this for the bearish major trend. Also, I don't want to break my rule on at least having 1:2 risk to reward ratio. I only chose to enter this way to have a better position backed with a good entry.
I hope that this trade will be my first win so that I wont have 4 consecutive losing trades from the start. If you think you can improve my setup or if you can suggest a better trading rule, write at the comments below!
Good luck in trading guys!
AUDUSD Short
Entry: 0.71409
TP: 0.70809
SL: 0.71709
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