maliekevans

EURAUD still in major ascending channel

Long
OANDA:EURAUD   Euro / Australian Dollar
Purple rectangles = minor s/r area
purple line = minor trendline

euraud swings 4-5% (700-850 pips) within a month

My BUY ZONE entry: 1.6200 TO 1.6275

My TAKE PROFIT AREA: 1.6915 to 1.6990

patience is key. I want to see this happen by july 27th . one month away

Distance between the 2 area 640 pips
Stop loss should be no bigger than 213 pips or around 1.6000 which is major price

why?
Reward to risk
640 / 213 = reward 3x your risk

for example
if you risk 3% to make 12% every time you place a trade. You can essentially lose more trades than you win and still remain profitable trader.
Comment: 12hr