AUDNZD - 1st Day Trade (Bullish Cup & Handle Chart Pattern)
Yes, I daytrade but utilize both 4 hour and daily charts for setups because of less noisy charts, but exit trades on 1 hour or 15-minute charts.
Reasons, why I will take this trade, are as follows:
1) On this noted day chart, AUDNZD already reversed from the main bullish trend and found liquidity at Fib. Ret 50%-61.8% levels, which price is at now.
2) Made a Friday DOJI candlestick (undecided bar)
3) Price action went below 50% of fib. ret indication, but settled above.
4) Price action is above main weekly pivot point noted on the chart
5) The 50%-61.8% area on a fib. ret is a high area for price action to reverse back into the main bullish trend. (Golden Reversal Area)
6) Price action is now at a HUGE psychological price or 1.04000 (a lot of people buy/sell at these triple zero #'s)--- LOOK RIGHT EDGE!!!
* Risk/Reward is 1:2 with 25 pip stop loss & possible 55 pip plus profit.
Will enter this trade when/if price action hits my entry above current candle noted and at Fib ret 61.8%, then stop loss will be activated too. (1.04042)
I keep my risk (stop loss) to around $100 and reward around $200-$500 profit possibility on each trade.
You can trade more than one separate trades on the same pairs, at the same time, sometimes I do two trades at entry and put 1st exit at the next daily pivot point on 1 hr charts, leave 2nd one to run with a tighter slop loss but still in profit.
PLEASE do your own evaluation of any trades and setups on any trades. Your trading risk and management are different and pairs/times you trade too.
Good Luck and Happy Trading.
Reasons, why I will take this trade, are as follows:
1) On this noted day chart, AUDNZD already reversed from the main bullish trend and found liquidity at Fib. Ret 50%-61.8% levels, which price is at now.
2) Made a Friday DOJI candlestick (undecided bar)
3) Price action went below 50% of fib. ret indication, but settled above.
4) Price action is above main weekly pivot point noted on the chart
5) The 50%-61.8% area on a fib. ret is a high area for price action to reverse back into the main bullish trend. (Golden Reversal Area)
6) Price action is now at a HUGE psychological price or 1.04000 (a lot of people buy/sell at these triple zero #'s)--- LOOK RIGHT EDGE!!!
* Risk/Reward is 1:2 with 25 pip stop loss & possible 55 pip plus profit.
Will enter this trade when/if price action hits my entry above current candle noted and at Fib ret 61.8%, then stop loss will be activated too. (1.04042)
I keep my risk (stop loss) to around $100 and reward around $200-$500 profit possibility on each trade.
You can trade more than one separate trades on the same pairs, at the same time, sometimes I do two trades at entry and put 1st exit at the next daily pivot point on 1 hr charts, leave 2nd one to run with a tighter slop loss but still in profit.
PLEASE do your own evaluation of any trades and setups on any trades. Your trading risk and management are different and pairs/times you trade too.
Good Luck and Happy Trading.
Trade active:
still have this pending bullish trade set up, will either let it run if 1.04042 gets hit or d/c it on 1/23.
Trade active:
buy limit activated early today, with 25 pip SL ($100), looking for 1:2 (R/R) on trade, so later today or tomorrow with exit trade...
Trade closed: stop reached:
it happens, just get on your next trade train with your strategy.