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IF top is in for AUDUSD pair, we are now bouncing back to re-test the break-out of up trend line. Personally I dislike such breakout trades as statistically 95% of time this will lead to suck people on the wrong side…I believe you were short as per daily prior high as well as near 38.2% rec., which is all right, question is where to take some profit, I would think of this trade as counter-trend, so OVERLAPPING measure move for both bull and bear scenario should be incorporated into exit strategy…at least for half or part of the position. Alternatively, Daily has only 1 unfiltered leg up with one more pushing for new high being highly possible, thus, my trading plan is to buy confirmed reversal following clear wave down, of course I need strong divergence on my side. |
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