I am a huge fan of Peter Brandt. In fact my trading has profoundly changed since I learnt about him.
He is a pure technical trader who use classical charting pattern to identify trade opportunities then proceed to apply it with rigorous risk management. He trades only in the long term timeframe i.e. Weekly or even Monthly. His method works for 40 years and I believed that it is well worth a try. Of course it should fit into my fundamental analysis of the currency pair in question as well but I really want to try and apply his strategy whenever I stumble upon a high probability pattern of his.
He prefer patterns that are horizontal in nature, it just works better based on his statistics. I see this pattern here in AUDUSD where it's a right-angled ascending triangle pattern (the name is a mouthful but it actually is one of those cleaner patterns). The pair broke support at 0.7802 and is now retracing back to breaking point. At this level it offers really attractive risk-reward (~2.5-2.6R), with the potential TP is 0.7470 and the SL level does not have to be higher than 0.7900.
My fundamental bias is currently mildly bullish on USD vs mildly bearish/neutral on AUD so this trade just fit right in.
He is a pure technical trader who use classical charting pattern to identify trade opportunities then proceed to apply it with rigorous risk management. He trades only in the long term timeframe i.e. Weekly or even Monthly. His method works for 40 years and I believed that it is well worth a try. Of course it should fit into my fundamental analysis of the currency pair in question as well but I really want to try and apply his strategy whenever I stumble upon a high probability pattern of his.
He prefer patterns that are horizontal in nature, it just works better based on his statistics. I see this pattern here in AUDUSD where it's a right-angled ascending triangle pattern (the name is a mouthful but it actually is one of those cleaner patterns). The pair broke support at 0.7802 and is now retracing back to breaking point. At this level it offers really attractive risk-reward (~2.5-2.6R), with the potential TP is 0.7470 and the SL level does not have to be higher than 0.7900.
My fundamental bias is currently mildly bullish on USD vs mildly bearish/neutral on AUD so this trade just fit right in.