AUDUSD – Sell Trade At Corrective Phase Resistance Profits Heavy | Aug 26

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, watch this video here.

Currently I have my SL around +100 pips, so at least +2R locked in, but am expecting further losses. My first target is the Monday lows around 7050. If this collapses, then my next target will be 7K and 6950 for a potential +400 pips of profit and +8R.

For now I’m remaining bearish while below 7250 on a daily closing basis.


Check out my latest article 5 Unique Insights from 10,000 Mantras {Must Read}

Want More? My private members get all my trade ideas & market commentary up to 3x per week. Click here to become a member.

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.

Related Article

  • Michael R.

    Hi Chris,
    First of all, thanks for the article and for all free info you are sharing at you web site.
    I have a short question – how good is the statistics of those “touch trades” of important levels and is there any difference in success rate of major vs. cross pairs.
    Thanks again and happy trading!
    Michael R.