#AUDUSD 4H Fibonacci Trade

AUDUSD 4H Fibonacci Trade
AUDUSD 4H Fibonacci Trade

Reasons For Trade:

1. Close Fibonacci Confluence of 0.886XA leg with 1.272 AB leg
2.  RSI has been overbought i.e. above 80

Stop Placement:

  1. Above the are of resistance

Targets:

  1. 23.6 Fib Retracement of AD Leg will be the first target as this is currently respecting 23.6 instead of 38.2
  2. 50.0 Fib Retracement of AD Leg will be the second target as this is currently respecting 23.6 instead of 38.2

Trade Execution:

  1. Let the price reach the PRZ and look for Double Top or Bearish Divergence or an Advanced Harmonic Pattern completion in the zone on a lower time frame i..e. 1H or 15M chart.
  2. As soon as Target 1 is hit, move the stop to break even and close half of the position.

Concerns:

  1. Stop Placement. The Supply/Demand theory suggests stops where they are. However advanced harmonics dictates stops to go above previous structure.

Planned News Expected: (UK Time)

TueOct 13  1:30am AUD NAB Business Confidence
WedOct 14 1:30pm USD Core Retail Sales m/m
USD PPI m/m
USD Retail Sales m/m

Post Execution Review:

Pending

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