AUD: All weak resistance but still loading up on short position
Expected AUDUSD would walked around the previous low area (grey box) before break down since there should be some buy force. But now, the quick fall spikes it. As not much buy force shows up, the area has no any indication. The volume profile at the same time is still thin.
However, although the grey box is now weak, it is still effective. And hey, we have profit on hand and why not try to keep going enlarge the winning position! the grey box is now expected to be the major resistance and stop loss is placed on the closer lower high inside grey box. Still gonna earn 2~3R on this trade even it bounce to hit the stop loss.
Be careful, a sharp rise can take place anytime since the falling is so quick but without enough force. Protect your capital first. If you are looking for buy, at least do it after AUDUSD bounce back into grey box.
However, although the grey box is now weak, it is still effective. And hey, we have profit on hand and why not try to keep going enlarge the winning position! the grey box is now expected to be the major resistance and stop loss is placed on the closer lower high inside grey box. Still gonna earn 2~3R on this trade even it bounce to hit the stop loss.
Be careful, a sharp rise can take place anytime since the falling is so quick but without enough force. Protect your capital first. If you are looking for buy, at least do it after AUDUSD bounce back into grey box.
