With great bounces yesterday at the 0.691 - 0.693 level gave me a little more confident with the upside till the end of this week. Yesterday, I personally was thinking it might break through that lower level and went even lower but that support level held and bounced back up so even though the longterm projection for AUDUSD is downtrend, all I can focus on now is the immediate UPTREND future.
On the daily chart, IF the stop is where we are right now AND the potential profit from here to 0.728 level is BLINDING ME as the Risk Return Ratio is HUGE !!
BUT that would take a FULL WEEK to come back up to that level again. We saw 1 WEEK DOWN from 0.728 to 0.693. THEN THIS WEEK fluctuate between 0.69 - 0.70 level forming a NICE, CONSOLIDATED BOTTOM. So in order for it to come back up to 0.728 area, which is possible, but I would expect that to happen by the end of NEXT WEEK.
I am very SHORT TERM as my account is TINY ... so even knowing that there is the LONG TERM DOWNTREND VIEW, I will LONG AUDUSD at this point as I see that we have more POTENTIAL (9 to 1) and POSSIBILITY (30%) on the UPSIDE.
We will see if ABC-D is completed by the time LONDON market opens? If that happens we can have higher hope when NEW YORK market open later tonight! My goal is to play as safe as possible with the lowest risk possible.
Thank you!
On the daily chart, IF the stop is where we are right now AND the potential profit from here to 0.728 level is BLINDING ME as the Risk Return Ratio is HUGE !!
BUT that would take a FULL WEEK to come back up to that level again. We saw 1 WEEK DOWN from 0.728 to 0.693. THEN THIS WEEK fluctuate between 0.69 - 0.70 level forming a NICE, CONSOLIDATED BOTTOM. So in order for it to come back up to 0.728 area, which is possible, but I would expect that to happen by the end of NEXT WEEK.
I am very SHORT TERM as my account is TINY ... so even knowing that there is the LONG TERM DOWNTREND VIEW, I will LONG AUDUSD at this point as I see that we have more POTENTIAL (9 to 1) and POSSIBILITY (30%) on the UPSIDE.
We will see if ABC-D is completed by the time LONDON market opens? If that happens we can have higher hope when NEW YORK market open later tonight! My goal is to play as safe as possible with the lowest risk possible.
Thank you!
Trade closed: stop reached
Trade active:
Re-enter new positions ... Hopefully will work this time!
Good luck everyone!
Good luck everyone!
Trade closed: stop reached:
Trade closed ... Loss taken.... Lesson Learnt !!
