As I highlighted in my last post, the better bet was short AUDUSD, which did indeed break down and reach the daily low, in fact surpassing it so far by another 38 pips:
Zooming in on the 15 minute chart there was a nice entry as an engulfing pin cutting through both the 50 period moving averages broke the 4 hour low on the next bar. So far that would be a risk of 15 pips and a maximum reward of about 85.
It has been a fairly quiet London session and a typical Monday. I took no trades as it I judged it a poor market for trading. Tomorrow could be much more dynamic with some key economic events scheduled.
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