FxSaint
Long

AudUsd - Potential Setup

FX:AUDUSD   Australian Dollar/U.S. Dollar
102 5 1
This pair has performed well recently. AudUsd             is at interesting LVL             at h1 & m5 timeframe. Its a demand zone & price has bounced quiet well from that demand. It will look like train has already left but, believe me I have seen this setups plenty of time, where they make a small pull-back again to the start point to continue its momentum . Moreover, if it retrace then we get a good minimised risk of 20-25 pips which will get us good R:R. Initially I am expecting price to test LVL             @ 0.94200 handle & depending on its reaction there we will be able gauge either it will bounce off there for mega down trend resumption of it will break to north. All said, trade management is crucial, scaling out @ initial stages & scaling in @ later stage is key to any position building & risk management. In the meanwhile lets wait for our entry to be triggered. Persistence // Patience // Trade management is the name of the game. Lets practise patience here.
Cheers!

Edit - If price goes past 0.92800 then leave it alone, any retracement there after should not considered for entry. If we need to take entry then it has to happen now or no play here.
FxSaint
3 years ago
Closing half position @ 09224 with -23 pips, remaining will be closed if price drops & engulfs the low of demand zone @ 0.92120. Lets see how it unfolds itself.
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FxSaint
3 years ago
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FxSaint
3 years ago
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FxSaint
3 years ago
The Ahaa moment, what a gap open, feels good to stay at right side of the market. I closed my few position @ 0.9338 with +88 pips, now the initial loss is covered & profit is made. Looking closely on the developments. I am marking the chart closed & will not update it any more.
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FxSaint
3 years ago
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