AUDUSD: Potential uptrend continuation
Updated
I went long recently, 2 days ago, but closed earlier today.
I'm reentering longs here, you can either use a stop at the suggested price on chart, or under the recent swing low, or based on ATR. I leave it up to you.
There's a chance for price to resume the uptrend, so I'd let the trade breathe until we can confirm that is what's going on.
Entering at market is ok, risk half and add more if we get a dip tomorrow..
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We discuss setups like this often there. Feel free to stop by and subscribe to his indicator pack. If you have any questions ask.
I'm reentering longs here, you can either use a stop at the suggested price on chart, or under the recent swing low, or based on ATR. I leave it up to you.
There's a chance for price to resume the uptrend, so I'd let the trade breathe until we can confirm that is what's going on.
Entering at market is ok, risk half and add more if we get a dip tomorrow..
If interested in my trading signals, or in personal tuition, contact me privately. I'm offering a considerable discount on a packaged course which includes access to my private trading signals list for a year.
Cheers,
Link to Tim West's chatroom: tradingview.com/chat/
We discuss setups like this often there. Feel free to stop by and subscribe to his indicator pack. If you have any questions ask.
Note
Price decided to prove me wrong instantly after the daily close. Can be stressful to watch, but not a problem. The stop isn't hit, so we'll let the trade run for a while.Trade closed: stop reached
Stand aside for now, if this level failed, it could turn ugly, either go sideways, or resume the move down for now. But not something I'd want to be involved with, since it's not too clear.Trade active
I went long again, stop loss at 0.71394. Entry: 0.72307Note
Copper can shed some light here. It's at a good support level, once it moves back above the mode (see volume profile's volume mode, and also the time at mode level in light blue) it can rally and retest the recent peak at least.
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