possible day trade long opportunity. AUDUSD
has been rangebound for a number of weeks now. On broader time frames this pair is still bearish
, so this consolidation has a greater chance to breaking to new lows if pushed by a relevant catalyst. With that being said, I am most interest in taking swing trades at extreme prices which would be looking for shorts betweeb 9300 and 9350 or longs between 9000 and 8970 areas. Otherwise I am looking for day trades and at this point there is a possible false breakout situation emerging around the 9130 area. Any retest of this area would present a day trade opportunity upon validation. Validation is key. If price breaks below 9100 area and closes with conviction then the whole long idea is no longer valid. Make sure price validates with volume
or price formations. Follow me on twitter http://www.twitter.com/marcpmarkets
. Or learn more about SMB training at http://www.bit.ly/smbhome
I wanted to add, a reasonable target for a day trade is 30 - 50 pips. Reasonable stop is around 20 pips. These variables are better determined by price structures, but you need to visit our chatroom for that much information.