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AUDUSD – Sell Trade At Corrective Phase Resistance In Heavy Profit (1hr chart)
Late last week the AUDUSD formed a corrective price action phase where it triple tapped the resistance around 7350. I sold at this level with a 50 pip stop assuming the bear trend would resume.
This turned out to be correct with the sell trade now in heavy profit at over +221 pips and +4R. This demonstrates the power of not trading with confirmation as you would have missed this trade entirely.
In fact no 1-2 bar combination will ever represent ‘confirmation’ in such a volatile environment.
NOTE: For a good video on how confirmation and the typical pin bar confirmation entry is a retail entry, …... Keep reading