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 looks to be forming a triple top unable to break through psychological resistance of 8600. I'm basically gonna try to pick a short-term top here. This trade is a little risky since this pair has been on a strong uptrend with its central bank flexing its hawkish muscles along with the market still favoring buying high-yield currencies such as the AUD for "carry trades". But I feel a correction is near and will try to minimize my loss if I'm wrong though.
I'm going to sell this baby right now at 8600. I'm hoping price continues to fall but will set my stop loss (SL) at 8630 just in case the pair feels like poking above 8600 briefly. My profit target (PT) will be 8500, the next significant support level.
Sell AUDUSD @ 8600 | SL: 8630 | PT: 8500
