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

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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, 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.

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