AUDUSD: Buy Opportunity from Support

What do you think about such a buy trade? Share in comments your thoughts and your variants - how to trade in the AUDUSD market.

The price reached one of the support levels. The daily chart gives us a reversal candlestick pattern. The 4H chart gives us bullish signals from MACD. RSI confirmed the price reversal. ADX line of the bearish DMI falls. It tells us that sellers are not so strong.

I would like to use a local swing high and a breakout above it to open long trades. In the 4H it is 0.67800 as an entry point.

But in order to make the risk/reward better, there is an option to buy using the current prices. Yes, it will make the trade too risky, but the stop size will be better as well. Also, don't forget about the news, which will be able to push the market in any direction.

Entry Price: above 0.67550
Stop Level: below 0.67320
Profit Level: at 0.68300

Risk per trade must be no more than 1% of your capital. If the price reaches 0.68000 level, it will be possible to move stop orders to breakeven.



Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.