Trading idea on 1h chart: Long AUDUSD – Get on the train ________ Trading idea: stop buy order at 0.7905, Risk-Reward = 4.11 SL@ 0.7877 (-28), TP@ 0.8020 (+115) ________
AUDUSD broke out above resistance at 0.7850, which is support now and might be tested, BUT: - if the price breaks out above 0.7900, then there could be a second impulsive leg before the test of the new support line at 0.7850 (if at all) - once price is above 0.7905, 20-EMA should not be violated anymore, so my SL would be just below it - after the breakout, one could use 20-EMA as trailing stop (more conservative risk-reward approach)
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I have noticed for myself that there is no real support LINE and resistance LINE in FX market, its is very often an area, so if I call 0.7850 as LINE, one need to see the sharp move into that, which is over now and then take the low of that last move as the CURRENT real line
right now, a retest of 0.7850 would be a very good reentry with a SL at 07835
coinmantra
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Agree in general that AUDUSD has gone on BUY, but some more chop remains. Not ready to scale .79 meaningfully yet. I am BUYING around .7822 tomorrow
stanchiam
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agree could still go higher after a drop if that level can hold else bye bye
coinmantra
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OK team - now long on AUDUSD targeting .8072 or so next week. Choose your own STOPS - I have chosen mine. Good luck!