I'll be scouring the charts for "actionable masterpieces". These will be signficant chart patterns or set-ups that I feel are not only tradeable, but also have a high probability of making big profits with little risk. Whenever I spot an "actionable masterpiece", I will post an annotated chart (my chart art) along with an explanation. My goal is to help you learn how to spot these low ocurring but highly profitable "actionable masterpieces" yourself.
Sell AUD/USD
This pair is now trading near a major resistance area - its last swing high. There could be potential fireworks with GDP and an interest rate decision from the RBA later tonight, as well as the jobs report tomorrow. With the recent resurgence of strength of AUD/USD, I'm looking for a correction and feel one of these economic reports could be the catalyst needed for a selloff.
The biggest trigger looks to be the RBA decision. While the Aussie dollar will definitely skyrocket if rates are hiked, keeping rates unchanged seems the more likely outcome, and I think peeps will take some profit here.
There is serious bearish divergence here. Price has powered higher, while the oscillator has pretty much plateaued.
I'm going to short AUD/USD at .8375. My stop loss (SL) will be .8415. My profit target (PT) will be .8250.
Sell AUD/USD @ 8375 | SL: 8415 | PT: 8250
