AUDNZD - Long (Update from 23 Aug 2018 Post) at 1.0960
This pair, to me, is now looking good to go long. 2 reasons.
1st at the horizontal support area, 2nd also at the uptrend line support area.
My simple trading plan:-
1. Trend - Uptrend
2. Level - Horizontal support and uptrend line support areas
3. Signal - No valid signal yet. However, after the large bearish candle closed on 23 Aug 2018, the next day candle was closed above it. Was it an early indication that selling momentum is going to stop here? New higher low level?
Conclusion:-
Based on the points 1 and 2, if I were right, we shall see some buying momentum to step in soon even with no buy signal noted yet. To me, signal will be a good confirmation to get into a trade but it may produce less attractive risk and reward ratio. My aim is to achieve at least 3 to 1. I have made a blind entry at 1.0960, my stop loss set is to be at 1.0905 about 55 pips (slightly lower than the previous low of large bearish bar). 1st target will be looking to at least 165 pips or near center line of uptrend channel. Final target will be at 1.128, a strong resistance level back to 24 Oct 2017.
1st at the horizontal support area, 2nd also at the uptrend line support area.
My simple trading plan:-
1. Trend - Uptrend
2. Level - Horizontal support and uptrend line support areas
3. Signal - No valid signal yet. However, after the large bearish candle closed on 23 Aug 2018, the next day candle was closed above it. Was it an early indication that selling momentum is going to stop here? New higher low level?
Conclusion:-
Based on the points 1 and 2, if I were right, we shall see some buying momentum to step in soon even with no buy signal noted yet. To me, signal will be a good confirmation to get into a trade but it may produce less attractive risk and reward ratio. My aim is to achieve at least 3 to 1. I have made a blind entry at 1.0960, my stop loss set is to be at 1.0905 about 55 pips (slightly lower than the previous low of large bearish bar). 1st target will be looking to at least 165 pips or near center line of uptrend channel. Final target will be at 1.128, a strong resistance level back to 24 Oct 2017.
Trade closed: stop reached