Remember Risk management is more important than anything else. Trading is about long term gains so stay consistent. Price has reached a Support level. The reason for the wide SL is to avoid the market going insane and closing the trading in a loss. If the market is going the opposite direction, we will close it before hitting the SL. TP is at a realistic level...
FX:AUDUSD Hello traders, a simple idea on AUD/USD. As you can see, the trendline has acted a solid support for some time. I expect it to hold one more time and we will have a buy setup. Stop loss should be below the trendline. I'll keep this updated.
Macroeconomic overview The Australian dollar held near two-month highs on Wednesday as traders unwound their long positions in the greenback after U.S. president-elect Donald Trump expressed concerns at the currency's strength. Wednesday's survey of the Melbourne Institute and Westpac Bank found consumer sentiment in Australia edged up just 0.1% in January,...
This is a counter trend trade but GBP has been selling heavily and may need to correct to the upside for a time. This channel presents a good opportunity to do so. Lets see if it play out. Happy trading
Most Likely will be a long. But if it's not we move to plan B which is to short. :) Green Rectangles are a take profit areas This Idea was based off Trading_Jazz Monthly Cypher Pattern that he posted in the Forex chat. that was the reason I decided to look at AUD/USD and do some analysis. Here's the link to his profile if you want to check him out. www.tradingview.com