But it looks like we're finally getting that oversold bounce, and although I admit the overall longer term trend is still down, it looks like there might be an opportunity for a few hundred pip bounce.
So I went long today at 1.0207 with a stop loss currently at 1.0175, based on the charts below.
The daily chart below shows the potential targets. There's currently quite a bit of confluence and symmetry/structure in the $AUDUSD.
|$AUDUSD Daily chart|
About half of these setups will get stopped out, and assuming it does go in my favor, I will only consider moving the stop once it goes 2R or 3R (2 or 3 times my initial stop amount) in my favor. So mentally, I consider this trade is pretty much done/gone, and will start looking for the next opportunity soon.