This is AUDUSD 4H chart. This will be the 3rd buying opportunity for those who had missed the first two. For those who got in earlier, remember to take some profits and adjust your SL accordingly.
By sticking to the same position size , say 2 contracts for each trade, you ensure your risk is contained within your portfolio. Say, the market turns against you, they will take you out for the 3rd and maybe 2nd buying position, leaving you either breakeven or a small loss. But , if you had entered at the 1st buying zone, then you still have some profits.
Expecting some correction ahead as this pair has been moving up quite strongly over the past 1 week and it needs a break before moving higher. That break or pull back would be a good buying entry as well.
By sticking to the same position size , say 2 contracts for each trade, you ensure your risk is contained within your portfolio. Say, the market turns against you, they will take you out for the 3rd and maybe 2nd buying position, leaving you either breakeven or a small loss. But , if you had entered at the 1st buying zone, then you still have some profits.
Expecting some correction ahead as this pair has been moving up quite strongly over the past 1 week and it needs a break before moving higher. That break or pull back would be a good buying entry as well.
Comment:
those who are not comfortable and felt unsure after seeing DJI dropped another 800 points after yesterday 1000 point rally can wait for the price to break out from the resistance level first.
Comment:
Look closely at the 3rd buying zone area. The first shot was on 4 Mar 0600 hours. Well, if you missed it, the opportunity returns on 6 Mar 0200 hours and again at 1400 hours. It now closed above the resistance level and barring any unforeseen circumstances, it should continue its climb next week.
Once again, congrats to those who followed us to long this pair
Once again, congrats to those who followed us to long this pair