AUDUSD Long.... but go slow
Support is found 0.720 which is pretty close to previous swing low level as well. However going long now is a counter trend trade. We also have not seen a higher low to signify a trend change.
BUT....
This support level have been defended twice in the past, thus we can take a "calculated gamble" long trade by placing stop loss below those previous level. As this is a counter trend, it's good to trade small and exercise risk management diligently. As higher low forms, we can add more long position to the trade.
BUT....
This support level have been defended twice in the past, thus we can take a "calculated gamble" long trade by placing stop loss below those previous level. As this is a counter trend, it's good to trade small and exercise risk management diligently. As higher low forms, we can add more long position to the trade.
Trade closed: stop reached:
stopped out