I’m going to breakdown the loss I took on Friday and I could have done better but to be honest, without these market conditions there’s not a lot I would have done differently I would take this set up over and over again. But let me explain,
So I was looking at AUDUSD to come back down to the 0.600 level and to even dip below. I saw great confluences on the 4hour chart all the way to the 30-15 minute:
4 hour - Tweezer top and bearish engulfing
1 hour - Head and shoulders, another great tweezer top with a bearish engulfing
30 minute - Pulled back to the 50% retracement level, took the trade as we started rejecting the 61.8% seeing it react well to this which lined up with resistance.
As a self-review, the only thing I would have done differently was cut the trade after seeing this big strong push breaking the trendline but unfortunately, I was away from my desk. However, everything else was perfect, on to the next one!
So I was looking at AUDUSD to come back down to the 0.600 level and to even dip below. I saw great confluences on the 4hour chart all the way to the 30-15 minute:
4 hour - Tweezer top and bearish engulfing
1 hour - Head and shoulders, another great tweezer top with a bearish engulfing
30 minute - Pulled back to the 50% retracement level, took the trade as we started rejecting the 61.8% seeing it react well to this which lined up with resistance.
As a self-review, the only thing I would have done differently was cut the trade after seeing this big strong push breaking the trendline but unfortunately, I was away from my desk. However, everything else was perfect, on to the next one!