AUDUSD Long Breakout Retracement

FX:AUDUSD   Australian Dollar / U.S. Dollar
This is my second posted trade idea. The price initially broke out of the trading range and has moved back towards prior resistance. We expect that price will now act as support around this region. We have 2 entry options. We can use a limit order to buy around support or as I have setup in this example, set a buy stop order around the 4-bar price consolidation pattern in anticipation of the breakout back in our direction. The buy stop gives us a tighter stop and a better RR. This should be low risk high reward setup. As always, use stop losses and managing position sizing carefully. Happy trading!
Comment: If you entered on a limit order you are probably already in this trade. If you decided to use the buy stop order, it would not have filled. I would not recommend jumping in the trade if you are not already in at this point. Price has already moved down to prior resistance and we should wait for more bullish evidence before taking a long at this point.
Comment: Again, if you didn't get in on a limit order and instead was waiting for the previous buy stop to get filled (which didn't) there is still a chance to get in at a better price. Today it looks like an inside bar signal is forming. Let's wait until the end of the period and see if the signal remains valid. If so, we can take this as bullish sign and set another buy stop order right above the signal bar.
Comment: The inside bar pattern did not complete yesterday, but price is holding support on previous resistance level. There was a large bullish candle that formed on support yesterday showing price rejection around previous resistance. We must still be patient for entry. Watch for another consolidation pattern to enter. We do not want to jump in just because of the large bull candle yet.
Comment: If you entered on a limit order previously, your trade should still be intact. We must be patient and react to price.
Comment: Late update on this one. Hopefully if you had your orders set already for this one and made it into the trade. If not, there is another chance to get in long, but only for 2.6 RR. I only take trades with 3 or higher, so it is up to you, but if you want to trade for that target the suggestions would be entry .79773 BS order, .77903 SL, and .84573 target. Trade safely!
Trade active: We got a good fill on our buy stop order here. Now we just need to hold until it hopefully reaches our TP. Good luck!
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out