Short AUD/USD at .7845

Discussion in 'Forex' started by mattspits, Jan 11, 2007.

  1. mattspits


    I'm looking to go short AUD/USD at .7845 with a stop at .7870 and my limit at .7760.

    .7845 is the 38 fib of the recent slide down, and .7870 is the 50 fib. I like this because I have limited risk here as the stop is above the recent highs and the market is trending down. I'm shooting for the recent low of .7760 for a 1:3 risk/reward ratio
  2. mattspits


    chart attached
  3. I would agree