As you can see the trade has gone into profit and has broken out after the 4th touch , in the 3rd touch it broke out but came back down and this is something known as a false breakout and things like this could potentially cause you to lose the trade if i decided to enter into the 3rd touch instead .
I would've entered the trade at the breakout of the bullish engulfing at 0.7231 but as there was a false breakout earlier, I would've potentially waited until 0.72691 to place the trade, if I had taken this trade, I would've caught 819 pips in total.
Also, I would confirm this by the twist of the Ichimoku cloud from bearish to bullish.
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I have still used the same 3/1 Risk to reward ratio. A quick trading lesson on the AUD/USD buy
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Every weekend I clear my charts and go through every single pair and see which pairs will fit my strategy and the AUD USD was one.
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I didn't end up taking this trade as I only like to take a couple of trades a week .
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And I didn’t want to override but just to show you my analysis.
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*overtrade
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As Overtrading is one of the reasons why 99 percent of forex traders fail