AUDUSD Trade Setup

 

by: Colibri Trader

Dear traders,

The trading setup from last time is still trading with a bit of hesitance. DAX (Germany 30) is in a major uptrend. When it comes to selling shorting in a bullish market, traders are more hesitant (including me). It was a very good price action pattern, but sometimes price is not enough supported by market participants’ trading decisions. Having said that, I am still in a mall short position, but might see another rise before/if price goes down. For now, I am not looking to add/reduce my position.

AUDUSD Trade Setup

Today’s trading setup is coming from the AUDUSD pair. I am looking at this pair and seeing a major support level. I am also seeing a price action confirmation. The daily candle is a bullish engulfing candle that has formed after a long-legged doji candle. This bullish confirmation after a hesitant candle is giving me green light for a long trade. If I decide to trade this pair, it will be after a small retracement towards 0.7475. My stop-loss would be placed just below 0.7425. My first target is the level of 0.7600. The secondary price target would be the level of 0.7750.

Happy Trading,

Colibri Trader

If you have not checked my latest article on Chart Patterns, please do so HERE.

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