We came out of AUDUSD short, with a nice 4% return.
Currently price is very oversold and we are looking for a retracement higher.
There isn't a hard and fast rule on how to trade this setup. Overall the daily chart shows a very bearish sentiment, so we are standing in the way of volume.
I will run a trailing stop and monitor how each fib level is respected.
Currently price is very oversold and we are looking for a retracement higher.
There isn't a hard and fast rule on how to trade this setup. Overall the daily chart shows a very bearish sentiment, so we are standing in the way of volume.
I will run a trailing stop and monitor how each fib level is respected.