Short opportunity on the AUDUSD ( IF-THEN )

The same thing, i had identified that area as resistance but i didn't had that much of evidence, and of course the R/R was good but not THAT good, and was safer to wait for a confirmation.

Now, the price reached the resistance, went overbought and now is retracing, i would like to see a test the .7208 level again making a double top. But also an harmonic pattern is possible and that could be our excuse to enter and have extended targets, very extended targets.

So IF the price creates an Harmonic pattern THEN i'll have my first targets where the should be and my second targets in the 0.7075 level and i would not move my stop. IF i'm stopped out on that trade because of a spike THEN i would look for the double top to form. IF there is a Double top with divergence THEN i would enter next bar market, with a first target at the 0.7171 level and a second one at 0.7075

Commentaire:

The price is testing the .7208 level, it has violated the previous close but it haven't close above, there's still 30 MN left in that bar, remember, it has to close above the previous high to be invalidated!
Now, IF the double top is not invalidated THEN i'll enter at next bar market.
Win or loss this is a GOOD trade

TRADE YOUR PLAN!
BOOM!

Ordre annulé:

Double top invalidated