Yesterday’s signals were not triggered, as none of the key levels were ever reached.
Today’s AUD/USD Signals
Risk 0.75%.
Trades may only be taken from 8am New York time until 5pm Tokyo time, over the next 24-hour period.
Long Trade
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Long entry following some bullish price action on the H1 time frame immediately upon the next touch of 0.7165.
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Place the stop loss 1 pip below the local swing low.
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Adjust the stop loss to break even once the trade is 20 pips in profit.
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Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.
Short Trade
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Short entry following some bearish price action on the H1 time frame immediately upon the next touch of 0.7303.
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Place the stop loss 1 pip above the local swing high.
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Adjust the stop loss to break even once the trade is 20 pips in profit.
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Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.
The best method to identify a classic “price action reversal” is for an hourly candle to close, such as a pin bar, a doji, an outside or even just an engulfing candle with a higher close. You can exploit these levels or zones by watching the price action that occurs at the given levels.
AUD/USD Analysis
I wrote yesterday that the picture now was more bullish as the bearish price channel could be seen to have broken to the upside. I also thought that there may be minor resistance at 0.7280. I was right about 0.7280 but the bullishness faded quickly, and the price fell.
This pair looks terrible to trade right now, action is a little choppy, very uncertain, and equally far from any key support or resistance levels, of which there are very few. I’d avoid trading this pair today and I have no directional bias at all.
There is nothing important due today concerning the AUD. Regarding the USD, there will be a release of CB Consumer Confidence data at 3pm London time.
https://ift.tt/2KCv8CF
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