AUDUSD LONG - potential for an amazing trade
Updated
Hello all
Following the pullback over the end of last wee into this week
On the daily time frame, we now have a double bottom, forming.
Along with divergence on the RSI
Yesterday's daily candle was broken on the high and after a retrace to previous resistance (now support) - AUD has gained strength again back to near highs of the day (so far)
I entered at 0.6856 and have a buy stop for 3 more entries around 0.6880 area.
I have a good space for price to move - if on the FED news the price heads lower - I will look to use this as to get a better price - increase my lot size and reduce my pip distance between entry and stop - risking just 1% on each trade.
That may happen quick so you have to be focused.
It meets my trade plan and I will be in this trade for the long term.
I think with the previous related trade ideas - this could go up to 0.7500 area.
Price may plummet - go on a stop hunt down to the 0.6820 area - however for me this will be a fake out and not head lower - just a better opportunity to go long.
Thanks for looking
Duncanforex.com coming within 10 days.
Following the pullback over the end of last wee into this week
On the daily time frame, we now have a double bottom, forming.
Along with divergence on the RSI
Yesterday's daily candle was broken on the high and after a retrace to previous resistance (now support) - AUD has gained strength again back to near highs of the day (so far)
I entered at 0.6856 and have a buy stop for 3 more entries around 0.6880 area.
I have a good space for price to move - if on the FED news the price heads lower - I will look to use this as to get a better price - increase my lot size and reduce my pip distance between entry and stop - risking just 1% on each trade.
That may happen quick so you have to be focused.
It meets my trade plan and I will be in this trade for the long term.
I think with the previous related trade ideas - this could go up to 0.7500 area.
Price may plummet - go on a stop hunt down to the 0.6820 area - however for me this will be a fake out and not head lower - just a better opportunity to go long.
Thanks for looking
Duncanforex.com coming within 10 days.
Trade active
Hi all First trade at 0.6856 is open
Of the other three trades - 2 are now closed in profit - all entered at 0.6875
Targets hit of
0.6903
0.6930
THe third trade is looking to reach 0.6960
Trade closed: target reached
target of 0.6960 reached
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