Roncriss
Long

Is AUDUSD Still Bullish?

FX:AUDUSD   Australian Dollar / U.S. Dollar
142 9 4
I Think AUDUSD             is Bullish in a channel so am looking for pullback or consolidation back to bottom of the channel and BUY.


My buy setup will be around 0.70426 where i believe there is a support
Comment: Updated BUY order

Can you wait until it reaches your entry level to publish your chart? That would be easier :-)
Reply
timwest timwest
What about a stop loss? 1/2 the distance to your target?
Reply
Roncriss timwest
Here is buy target and stop loo
Reply
Roncriss Roncriss
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timwest timwest
If you used 1/2 the distance to your target, you'd have made the profit. Ugh
Reply
Roncriss timwest
Okay,Thanks
Reply
timwest Roncriss
If you put your stop too close, like that, it will get stopped out often. If you use a wide stop you stand a much better chance. The rules for 3 times the stop are BS. Those are just manufactured numbers that have no base in reality.
+1 Reply
timwest timwest
And you put 5.79 reward/risk ratio in that trade setup. That is way too much upside potential for downside risk. If you were right 30% of the time, you'd own the world in no time.
+2 Reply
Roncriss timwest
That was a worse R:R, I will work on risk/reward ration.I appreciate your advice
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