AUDUSD approaching major resistance, prepare to sell

Sell below 0.7454. Stop loss at 0.7476. Take profit at 0.7397.
Reason for the trading strategy (technically):
We prepare to sell below 0.7454 resistance (Fibonacci extension, Fibonacci retracement, horizontal pullback
resistance) for a drop towards 0.7397 support (Fibonacci retracement, horizontal overlap support).
Stochastic (21,5,3) is seeing strong resistance at 95% level where we expect Stochastic to rise to before seeing a
reaction.
Correlation analysis: AUDUSD has a strong positive correlation with NZDUSD which means they usually move
together. We are expecting a rise on AUDUSD and a rise on NZDUSD which goes in line with this correlation.

AUDUSD

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  • Chris

    Hi Vasilis, nice work on keeping the loss small!!

  • VASILIS NOUSKALIS

    Hi Chris

    you are right ,for this I have already closed my positions with the 12 pips lost

  • Chris

    Hi Vasilis, thank you for the chat and trade setup! Really awesome that you added a chart as well! Great job! At the moment price is pulling away from your zone unfortunately. Lets see where the daily candle closes but looks more bearish at the moment. Thanks for the effort of posting the material here!

  • VASILIS NOUSKALIS

    Hi ,

    my proposal for GBPJPY is :

    Buy at 181.70 with pending order

    SL in case we have a daily close below 181.50

    TP for one position at 183.80

    TP for the second one at 186.00

    TP for the third using trailing SL

    of cource when we take the first target SL is going at BE

    I am using Fib expansion, TOOL,candlestick(bullish engulfing)

    The couple is not in trend now.