AUDUSD Long trade

Think the FX pair is making a mid-term bottom here and from the looks of it the low has been set already.

Entry: Blue zone is the entry zone. Try to get in 2 levels in the blue zone at, so you can also get out at 2 targets. Stop level is the red zone

Targets are not really clear yet, potential for a big rally but i want to judge it later on, that is, if we see a break of this channel.

Note

So far going picture perfect, made that last drop in the entry zone and jumped up even faster.
If we break this red zone it should activate an inverse H&S which could break the resistance of the wedge because the target is above it. I would double the position if we break the neckline, but wait for it to brake.

Note

Get ready to increase the pos when that resistance breaks: Use 2 stop levels, so the potential loss remains the same. Moving it to break even is also possible.

Note

Now we can say the neckline broke, You can increase the pos now but adjust the stop levels.

tradingview.com/chart/gOC0NfXg/

Note

We continued higher but it is starting to slow down now. Getting resistance of that trend line again. I still assume we will make that break of this channel though. But better safe than sorry. I have 2 stop levels in place now, a very tight one and one below the neckline. I would do 50/50.

Note

That trend is still working, i would move the stops 2 higher now. You can use these 2, or figure out 2 for your selves. It's against the heavy resistance of that trendline now, so anything can happen. But of course i still assume we will see a break eventually. The target of that H&S is above that trend line.

Note

So far, an amazing trade. Increased the position and that way increasing the profit!
My plan now is to trail a tight stop for 50% of the position. When that Blue target zone gets reached i will close that 50% there, maybe even up to 75%. I will leave at least a part of the position.

For the other 50% i will use that trend line, the green circle as a stop loss level.

Note

The rally seems to be slowing down. I would move the stops to at least both levels or all at the highest one. The trade is still valid, but can always re enter again. But it's safer since we increased the position

Note

The rally has stopped for now, but it's still above that former resistance line. It looks like a small H&S here at the high, but it's not a good one. As long as that green support zone holds, we can expect more upwards movement. I would use that level as a stop now. Been a very good trade, but better safe than sorry. Can always re enter again if we do drop and maybe find support at the neckline of that inverse H&S

botje11

Also on:

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.

botje11

Also on: