Sorry not updated the blog but here’s tonight’s Trade – Long AUDUSD
Hi Everyone,
I’m really sorry that I’ve been away for a while.. I’ve been rather busy with quite a few projects. It’s all very exciting and I hope I can continue updating this blog and keeping you updated.
I have been trading on/off lately and after going through a period where the results weren’t too great, I’m happy to say that I’m back on form and disciplined. I’ll write more about that another time but today I just wanted to let you know of my long entry on AUDUSD this evening.
On the Daily chart you can see that we have a pinbar showing that buyers have entered the market. Yes the trend is still down so it is a countertrend trade.
A pin bar on it’s own isn’t usually a signal to enter long but if you look at the monthly chart you can see that the price has actually hit a significant support line. Last time this happened, you can see that price moved up rather aggressively.
Nothing is guaranteed in trading however but when you see opportunities, you should take them. There’s a good potential for a powerful move here. If we’re right, great but if not, the risk isn’t that big against the potential reward.
