by Jordon M, January 25, 2022
by Jordon Mellor January 25, 2022
AUD/USD
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Short
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M5
Table of Contents
M5
Supply and Demand
Looking at the one hour chart we had a strong push to the downside creating a Lower Low, we have now retracement back into a strong supply area, followed by a confirmation on the 5M timeframe of sellers taking over (trendline break, lower low and Stochastic divergence).
Look to take the trade at least to 0.71 before taking half off. If at any point the price prints a higher high, look to exit the position.
Risking 0.25% of the account balance on this trade.
It may want to form a double top before proceeding lower.
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Nice Jordon!
Stop moved to break-even, if we get above this recent high on the 5m exit the trade.