AUDNZD Inside Day Play with STRONG LONG bias

This is about as good as it gets. An Inside Day set up has formed. It is near S1 support, and a three month low. Price has made two higher lows and two higher highs.. There is bullish divergence, a signal line cross of the Stochastic, and price has been walking down the lower BB. Further, If you zoom out to the weekly, you see a hammer has formed and tagged the lower BB, and the Stochastic has turned up.

Per Kathy Lien's rules for inside day, an order to buy was entered 10 pips above the high of the nearest inside day. A stop and reverse order to sell was entered 10 pips below the low of the nearest inside day. The buy order has triggered.

Risk 65 Reward 120 pips to 1st target. Then we will close 1/2 of our position, move stop to BE and trail the stop the average of the last two candles.

Commentaire:

Target 1 hit...I closed my full position as I will be away for a few days, we will hate for completion of corrective wave on the 1 hour charts and then hop back in