AUDUSD – RRL Trade Setup Holds & Profits | Jul 30

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AUDUSD – RRL Holds & Profits, Still Corrective Structure (4hr chart)
In this week’s trade setups commentary, we talked about the bear trend in the AUDUSD and wanting to get short.

Our key shorting area was the RRL – role reversal level at 7350, expecting another move lower towards the recent July lows.

As you can see from the chart below, this is exactly what happened with a +90 pip move, so congrats to the members who profited from this.

Also note how waiting for a confirmation price action signal gave you a worse entry with lower +R potential.

For now, the pair is in a corrective structure while below this RRL on a daily closing basis. I’ll stay bearish till that event happens, leaning towards another break lower.

audusd

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Buddhist, Trader and Philanthropist

I'm Chris Capre, Founder of 2ndSkiesForex. I help traders of all levels change the way they think, trade and perform. As a professional trader, I specialize in trading price action. As a teacher, my passion lies in showing you how to re-wire your brain for successful trading. Want to improve your edge right now? Visit my Price Action Course page.

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