Its bumping yearly low, rejected twice. Also on H4/D/W sellers can be seen exiting positions (volume profile) even though price is still falling (good sign of exhaustion). R:R is good, at least 3:1, or more. This is a swing to position trade. LONG TERM BUY! Go in small and look to collect major pips. I set stop 70 pips away from entry, which gives a small cushion below the lowest wick in case a stop hunt occurs. I may even consider going to 90-100 pips after later analysis....will see.
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It went into profit almost immediately for anyone who got in. I am up about 75 pips now. Target 1 is approx 257 pips away from my entry (@ daily TL).
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Up over 100 pips in profit now! :) Congrats on those whom took my trade idea. Still targeting the daily TL, still about 150 pips away.......
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Up over 130 pips positive float carrying into the weekend. Stay blessed! :)
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Minor pullback forming now. Its just taking a breather before the farther move north. I believe the long term trend WILL be a weaker dollar. Our economy is overdue for a bearish correction. I am not saying we are going to go into a full blown recession but a correction IS in line for our near future. This fundamental notion will cause AUDUSD to push up. Im sitting on my hands on this trade. Still going strong. :)