Trading idea on 1h chart:
Long AUDUSD – Get on the train
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Trading idea: stop buy order at 0.7905, Risk-Reward = 4.11
SL@ 0.7877 (-28), TP@ 0.8020 (+115)
________
AUDUSD broke out above resistance at 0.7850, which is support now and might be tested, BUT:
- if the price breaks out above 0.7900, then there could be a second impulsive leg before the test of the new support line at 0.7850 (if at all)
- once price is above 0.7905, 20-EMA should not be violated anymore, so my SL would be just below it
- after the breakout, one could use 20-EMA as trailing stop (more conservative risk-reward approach)
__________________
Disclaimer: There is a very high degree of risk involved in trading forex. I assume no responsibility or liability for any trading or investment results. My posted statements and charts may unintentionally include inaccuracies. All content posted is for educational purposes only and is not a financial advice. The presented set-ups are not solicitations of any order to buy or sell.
Long AUDUSD – Get on the train
________
Trading idea: stop buy order at 0.7905, Risk-Reward = 4.11
SL@ 0.7877 (-28), TP@ 0.8020 (+115)
________
AUDUSD broke out above resistance at 0.7850, which is support now and might be tested, BUT:
- if the price breaks out above 0.7900, then there could be a second impulsive leg before the test of the new support line at 0.7850 (if at all)
- once price is above 0.7905, 20-EMA should not be violated anymore, so my SL would be just below it
- after the breakout, one could use 20-EMA as trailing stop (more conservative risk-reward approach)
__________________
Disclaimer: There is a very high degree of risk involved in trading forex. I assume no responsibility or liability for any trading or investment results. My posted statements and charts may unintentionally include inaccuracies. All content posted is for educational purposes only and is not a financial advice. The presented set-ups are not solicitations of any order to buy or sell.