AUDUSD Short - FIB Extensions and Channel
This is an extension on my idea from earlier this morning.
The downward channel provides a timing element and the FIB Extension provides the first and second targets.
Note: I do not use stops on my trades. I close all my trades manually on the closing day candle, which will be above 0.8930.
(I divide my capital into 300 trades which allows for blowouts beyond my stops from time to time - But it also allows the trade to run through chop before the trend takes hold)
The downward channel provides a timing element and the FIB Extension provides the first and second targets.
Note: I do not use stops on my trades. I close all my trades manually on the closing day candle, which will be above 0.8930.
(I divide my capital into 300 trades which allows for blowouts beyond my stops from time to time - But it also allows the trade to run through chop before the trend takes hold)