In this post I’m taking a look at AUDUSD for a possible long.
See the chart of AUDUSD daily below for the discussion.
AUDUSD broke out of a tight consolidation (see box) with a nice strong bullish candle. For me to get interested in taking a trade here, I would like to see a weak pullback to the top of this box (old resistance tested as support) with confirmation in terms of candlesticks. By a weak pullback I mean it must take a couple of candles to get there, not just one.
The NZDUSD pair looks very similar.
Remember to always have your own trading plan, never follow blindly. Always know the point where you will be proven wrong on a trade and have stops in place. Honor those stops and never bet the farm.
On Ideas: Please don’t take this as trading advise. Please do your own due diligence before entering any trade. Also see Disclaimers.
Thanks for reading.
Thanks and Regards,
Trading SOS SOS