After a successful buy trade with AUDUSD, i am thinking of opening a short position. Just a disclaimer: the current thinking behind entering into AUDUSD will be a bit different from the usual approach i use to enter my trades, so lets see how it will work.
So here is the thought process: AUDUSD has currently reached a strong resistance zone. The resistance is formed from a confluence of the daily trendline and a 1H horizontal support i identified. Thus, i will open a short trade at current price level with a 1:1 risk-reward. As this is something i have not tried, i will open half my usual lot size. Let us see how it plays out
So here is the thought process: AUDUSD has currently reached a strong resistance zone. The resistance is formed from a confluence of the daily trendline and a 1H horizontal support i identified. Thus, i will open a short trade at current price level with a 1:1 risk-reward. As this is something i have not tried, i will open half my usual lot size. Let us see how it plays out