AUDUSD Price Action Analysis – 6th June 2018
AUDUSD has been Bullish on the Daily chart after producing two Double Bottoms. The day before yesterday’s Daily candle was a strong Bullish candle and yesterday’s Daily candle was an Inside bar. Thus, the pair seems to be all set to make a strong Bullish move on the Daily chart. Let us have a look at the AUDUSD Daily chart.
Have a look at the last Bullish Daily candle and yesterday’s Inside Bar. The Breakout level 0.76045 has been nicely held by the Inside bar candle. Thus, the level has the good chance to be a good level of Support and produce another strong Bullish move from here. To take the entry, we should wait for at least an H1 Breakout today. Let us have a look at the summary of the trade…
- Entry- H1 Breakout at 0.76665
- Stop loss- Below 0.76045
- Take profit- 0.78000
- Validity: 72 hours
- Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable
Many traders would set a Limit order here to take the long entry. As long as the level is broken the entry will be taken. Many traders would wait for a 15M breakout here, which is not bad. However, the best thing to do would be to wait for an H1 breakout at the Resistance level that I have marked here. Another thing we have to remember here is that we must use treading lot bit smaller than the usual lot. The reason is we are using the Daily chart here instead of the H4 chart to take the entry. That needs more pips to set the Stop Loss.
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