On the daily chart the $EURAUD has been trading between 1.55203 and 1.57843. At the close of the last daily candle the market closed below 1.55203 so I am expecting continued downward momentum in this pair. My entry is going to be as close 1.54879 as I can get it, with a stop loss at 1.55904 which is equal to 1 ATR from the entry candle. Profit targets are at 1.52560 and 1.49899 for a half position exit at each target. Another valid strategy is to look for reversal candle at the first target and exit if the reversal looks likely, but ONLY IF YOU TESTED THIS EXIT STRATEGY! For my trading, I run two exits. The first is a trail stop that trails along the wicks of each daily candle that moves in my favor. The second is taking half a position off at the first target and the rest at the second target if the trail stop has not been hit.