MisterTrader

AUDCHF : strong support for long position

Long
FX:AUDCHF   Australian Dollar / Swiss Franc
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Strong support for long position.
Watching for PA forming on a lower level, close to support
today had been a strong up so far, we wait for a better entry point on a pull back to 0.7928, since price reach the first trouble area already (and very fast).

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Trading rules are :
1. Trades are taken in 1, 2 or 3 units depending the situation.
2. If 90 percent of first target is reached I move stop loss to break-even.
3. If 90 percent of first target is reached without triggering entry I cancel the trade.
4. About targets : this is not an arbitrary approach, because every situation evolves different, targets will be adjusted according how price behave on key levels.
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My 5 tips to keep in mind that will save you from losing :
- Make sure to have enough Momentum on your side
- Use powerful confluences ( BRN , major S/R, Div , Trend-lines, Fibos)
- Have enough space to reach 2 Ratio:Reward at least, avoid tricky noise situations
- Good price action ( pinbar , inside bar etc..) at bottom/top for a good price
- Enjoy your wins and learn from your losses

Wish you great success !

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