AUD/USD back up to top of channel

Trading this back up to the top of channel where we can then look for better short opportunities. Keeping stop loss real tight with the holiday season and lack of volume. Price had bounced off the bottom of the channel broke above the 0.71600 areas of resistance and now came back to that level which is acting as support.

If you go to the 15 min time frame you can see how the 0.71600 level had played support.

A 1:6 risk:reward trade. Will always take those odds on.
stop loss: 0.71400
target: 0.73000

LOOK TO YOUR LEFT FOR CLUES

-nvestUcapital
Free weekly trade ideas coming soon

Commentaire:

with keeping risk very tight for these next few weeks holidays and low volume periods. Stop loss has been moved to Break Even.

Commentaire:

I would take half off here with price reaching recent intermediate trend line which might act as another lower high. And let the rest of the trade go for our target of 0.73000 as anticipated.

Commentaire:

Long Target was hit to the pip. I forgot to post the trade I took off of the top channel line. But those playing the channel, it would be a very good risk/reward trade to have shorted at the top of the channel.