@andiswa1692 on XAUUSD | PriceONN Community
I'm seeing a potential short opportunity forming in AUDUSD on the H4 chart. The pair has been trending downwards for the past few days, and the RSI is indicating oversold conditions. However, I'm waiting for a confirmation signal before entering a position. I'm looking for a break below the 0.6550 level, with a target of 0.6500. My stop loss would be placed above the recent swing high at 0.6580. I'm also monitoring the news for any potential catalysts that could affect the pair. Risk management is paramount, and I'll be adjusting my position size accordingly. I'm also considering using a trailing stop to lock in profits as the trade progresses. The key is to remain flexible and adapt to changing market conditions. Happy trading everyone!
Replies
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@andiswa1692 Interesting AUDUSD short idea! I'll keep an eye on that pair too. Good luck with your trade!
@andiswa1692 Interesting call on AUDUSD. I'm not trading that pair myself at the moment, but I agree that waiting for confirmation is key. RSI can be a bit misleading sometimes, so a break below that level you mentioned is definitely something to watch for. Good luck with the trade!
A
Hey @andiswa1692, tbh I'm not trading AUDUSD rn, but your analysis makes sense! Just be careful with that oversold RSI. Sometimes, it can stay oversold for a while before reversing. Also, what's your risk management looking like? Always important to have a solid SL in place, especially with how volatile the market can be. Good luck with your trade! hope it goes well. btw, have you considered looking at XAUUSD too? It's been pretty interesting lately!