APosner
Long

$AUDUSD is bouncing off support now

FX:AUDUSD   Australian Dollar/U.S. Dollar
The Aussie is moving in a broad range from .88 to .96 which is a range lower than the prior range from 1.10 to .96. In this current broad range there is a support/resistance level in the .9250 area. Price formed a long legged doji ( spinning top with a doji center) which describes indecision and a chance for a change in direction. With the recent up move prices will rise and move higher from here.
I use a three day time frame and heiken ashi to filter out the noise. The premise of the trade such as "price will move higher from here" is easier to capture on a chart like this but I will look at smaller time frames for entries and exits. I am also willing to reduce my position size on entry and wait out the noise for price to move in what is ultimately my projected direction. The larger time frame helps me identify the trend and whether I want to consider long or short entries. My average trade length is ~3 days but can really vary by situation and instrument. I concentrate more on making winning trades when the odds look most in my favor than timing in and out. If I get one or two trades from this move over the next few weeks and they are both winners I am satisfied.
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How long do your trades last when playing on such big time frames. Couple of months?
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Hi. Any reasons why you use a 3 day time frame?
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