Sorry late to post this signal because I am still working. This is my first day working on my exploration company after 1 month long leave. I spot there was a nice bearish divergence on AUDUSD 11 July 2013 H1 time frame.
If I trade on H1 time frame, my target would be around 20-30 pips only. I think it's a safe level of take profit for me. On the chart above, AUDUSD fall about 80 pips so far and still counting until this post is written.
Trick to trade divergence:
- Make sure there is divergence between price and indicator
- Trend line break out must be full filled. No breakout no trade
Happy trading
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