daldertg
Long

[AUDUSD] Long with the overall trend

FX:AUDUSD   Australian Dollar/U.S. Dollar
What do i really like in this trade?

First of all i am taking this trade with the overall direction of the trend ( Bullish ), i have a nice Risk/Reward potential as you can see, i can even go for more but i dont like being greedy. Also i have price action confirmation in different time frames, like the 4hr and 6hr. but i am taking this trade in a 8hr time frame, because i really like the higher time frames.

According to price action what i see here is a bearish preceding trend (not my favorite) and then an indecision candle, followed by some confirmation that price might be changing from hands to the bulls, i was not able to take this trade at the high of the indecision candle, so i entered at a slightly pull back at a better price, which gave me a better risk/reward potential. As always i keep my minimum Risk/Reward 1:2 that way i only need to be right on 40% of my trades in order to be profitable.

Trading Details:
Time Frame: 8hr
Entry: Slighlty above the high of the indecision candle.
Stop loss: A few pips below the low of the Indecision Candle
Risk/Reward: 1:2.5
Account Risk: 2%
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out