AUDUSD has broken a small trendline in H4 and during the morning it has formed a long shadow with a close over the support and the 100 EMA, I think that the shadow was a stop hunting caused by big banks in order to create liquidity for an upside movement.
The trade has a risk reward ratio equals to 1: 3.13 so it is excellent!
If you want to avoid to be stopped out do NOT place a phisical stop loss, you'd better to close manually if an h4 candle closes under 0.6790.
Pay attention at the RBA meeting tonight, remember that fundamentals of australian economy are quite weak so this trade is against fundamentals (I think that the fair price for this pair is around 0.665/0.67), this long trade is pretty risky and against the big picture (daily and weekly charts) so use a small size in order to mimimize the losses.
Enjoy your trading
The trade has a risk reward ratio equals to 1: 3.13 so it is excellent!
If you want to avoid to be stopped out do NOT place a phisical stop loss, you'd better to close manually if an h4 candle closes under 0.6790.
Pay attention at the RBA meeting tonight, remember that fundamentals of australian economy are quite weak so this trade is against fundamentals (I think that the fair price for this pair is around 0.665/0.67), this long trade is pretty risky and against the big picture (daily and weekly charts) so use a small size in order to mimimize the losses.
Enjoy your trading
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.