Position: Long
Entry date: The new daily candle on 05/27/2024 should trigger the entry at 0.66365.
Stop-loss: 0.65922
Risk/reward: 1:2.19
Swap: It's quite low considering that this trade is supposed to be held for about 7 days, and the interest rates on AUD/USD are not significantly different.
Pros:
1) The monthly trend is bullish.
2) The weekly timeframe shows a potential 2-1-2 Bullish Continuation pattern.
3) The daily timeframe shows a potential 2-2 Bullish Reversal, which we can use as an ancipated entry to trigger the weekly.
Cons:
1) In a week, the monthly timeframe changes, potentially triggering entries but not reaching the TP and then reversing direction at the flip.