Ended up moving lower by at least 30 pips, probably due to the poor data for AUD. It’s good to try to see the big picture, though many technical traders wouldn’t be concerned with fundamentals, and may have traded the break of one of the next 3 candles (see prior post). Everyone develops their own style.

If one chose to go long, if the price in fact started moving higher, where would your stop loss be?

 

 

We don’t need to fit every pattern to a textbook defined one

However, this type of formation breaks down nicely sometimes

 

Tonight, we have AUD Retail Sales on the Calendar. So, this pair may move. Let’s see.

 

Keep in mind on a longer time frame (this one is hourly) price can be consolidating a strong move up from a support area

 

Are you Demo-ing, Trading micro lots?

Here is a nice string of live trades, the AUD was negative but ended up hitting a tight take profit.

We must consistently place trades, but not over-trade.