AUDUSD Long Now

Looking for a quick flip at the end of the week for AUD USD to gain some momentum - We have been around this level for 2 days with nothing pushing down, we have tried and i think the last two daily candles are a clear sign of reversal.

Looking at a 50pip for 160 pip risk to reward - where i will most probably, not ride up to the Take Profit as always.

Already a few pips into the trade, however was not able to post on TV until now.

Entered at 0.66938

I have been trading this pair up and down for the last two weeks. Let's see how we go.

Trade active:

at 0.66938
TP : at 0.68750

Comment:

Held up well so far this session. We have some huge news coming out tomorrow being the first Friday of the month.

Bad news for the US dollar just came out which will aid this trade..

once (if) we break 50 pips we will look at moving our stop loss just a little bit higher to minimise our risk

Comment:

Our T2 profit target for this trade is a nice round 0.7

Comment:

Moved SL to 0.67

0.675 should now form next level of support

Comment:

If we break 0.6775 we should be none stop up until 0.68

Not anticipating good news for the US Dollar. Once we hit 0.68 we will move SL up to .06725 -

Bad news light a fire under this trade, and likewise good news will probably send us back down to stop us out of the trade, which we are now risk free on so doesn't matter. We can then look for another entry early next week -

SO LONG AS WE DO NOT BREAK 0.66500

Comment:

0.67500 Has held up well. Next stop is 0.68000 - around this round number we may see some rejection. Depending how we go / how close to the news we are i may exit the trade with 100 pips.

IF we smash through this level, we are going to want to move our SL to 0.6725

We have none farm news out very soon. We want this news to go in our favour but it may not. At least our SL will take us out of this trade with a bit of profit if it goes the other way and we can look an entering again around the 0.6650 levels.

Comment:

The News was bad for the USD - i didn't close the trade.

Hopefully we continue on the upside next week.

Comment:

This pair is playing a bit now, and lost some momentum.

Hoepfully it picks back up, if not SL will be hit and we will look at re entering.

not a problem as this is a risk free trade

Comment:

So we didn't hit SL and we have bounced. This was the check back i should've probably waited for before entering the trade. Hopefully this will give us the momentum we need to get the price pushed higher. Quite a long trade but for 150+ pips and only 1 trade in the last week, it is more than worth it.

No other real opportunities have presented themselves for me this week, so i am happy to ride this out

Trade closed manually:

Trade closed at 0.6790 -

This is playing around too much and dont want to be thinking about it over the weekend again. 100 pips for this trade