We have had an excellent week with trades in GBPUSD, AUDUSD and NZDUSD making excellent profits, up more than 20% this week which makes up for last weeks rather poor performance. Another opportunity is brewing that would allow us to sell the AUDUSD again.
AUDUSD is in a clear downtrend confirmed earlier in the week when price moved below the red horizontal line marking the low point of this decline on June 21st, whenever we have a clear downtrend I will be looking to sell any bounce that unfolds in a manner that allows me to project its likely end and bounces high enough to give the correct risk reward. AUDUSD is bouncing along with GBPUSD, the structure of AUDUSD allows me to project an endpoint for this bounce at 0.7373. I have set a sell limit order at this value and a stop loss just above the green box, R:R looks good at 4:1 but I may have to exit early as I do not always let trades run over the weekend.
If price makes a new low I will cancel the set up.
AUDUSD is in a clear downtrend confirmed earlier in the week when price moved below the red horizontal line marking the low point of this decline on June 21st, whenever we have a clear downtrend I will be looking to sell any bounce that unfolds in a manner that allows me to project its likely end and bounces high enough to give the correct risk reward. AUDUSD is bouncing along with GBPUSD, the structure of AUDUSD allows me to project an endpoint for this bounce at 0.7373. I have set a sell limit order at this value and a stop loss just above the green box, R:R looks good at 4:1 but I may have to exit early as I do not always let trades run over the weekend.
If price makes a new low I will cancel the set up.
Comment:
adjustment entry level 0.7369
Trade closed: stop reached:
Stop loss hit, it jumped twice on reaction to news and hit stop loss just after UK data came out slightly above estimate. A loss of 2% to close the week is really disappointing but it has been a good week with an 18% increase in equity. No more trades today have a good weekend.
