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AUDUSD – Sell Trade Profits +175 Pips, EURUSD – False Break | Aug 27
AUDUSD – Price Action Sell Trade Profits +175 Pips (1hr intra-day chart)
Earlier this week I posted a live trade setup of me shorting the AUDUSD from the corrective structure highs. After forming a balancing structure and making marginal new lows, I took profit today banking +175 pips and a +3.5R.
Note: I did not trade using ‘confirmation’ which would have either a) given me a worse entry or b) caused me to miss the trade entirely.
For now ST I’m taking a neutral to slightly bullish stance as the pair will test the near term resistance around 7250. Only a daily close below 71 and 7050 would re-ignite the downside risk.
EURUSD – False Break to the Upside, Range in Play ST (daily chart)
Looking at the overall structure on the daily chart, the impulsive move above 1.15 couldn’t hold forming a false break as the pair has been selling off for 3 days, finally finding support today near previous support around 1.12 and the daily 20EMA.
Until we clear/close above 1.1450 to the upside or close below 1.12 on the downside, I’m suggesting to ‘play the range’ between these two levels. A break on either side of the range should suggest the next direction.
We could see lower highs MT on the daily until sellers get another stab at the lows around 1.08.
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