I just check my chart and on the weekly chart I found the bearish 2-bar reversal on AUDUSD. This reversal signal formed at the level that I marked as the resistance area. There is a big chance that price could reach the level around 0.6935. I decide to go short and open one (1) position. I will watch carefully the area around 0.7020, since at that level price formed a ‘swing’ and moved higher.
OP: sell stop 0.7164, SL: 0.7391, TP: 0.6935
- Cancelled the order if the price moves above and pass through the high of the 2-bar reversal candle.
- Watch the 0.7020 and will adjust my stop loss level if price reach that level.
AUDUSD weekly chart