If you take a look at the below 4H chart for AUDUSD, you might notice that AUDUSD has been consolidating for entire Feb. From the low of 0.70500 to the high of 0.71600, this AUDUSD Forex pair has been range trading and perhaps now, the bulls are ready to step into the spot light again.
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As you can see, price is now trying to breakout of resistance. When we spotted this trade opportunity, the breakout is already happening. We could jump right in with a market order right now. But we will take a step back and remain patient. We want to see the breakout out of the current high. So below is our trade approach.
- Buy Stop Order: 0.71600
- Stop Loss: 0.70500
- Take Profit: 0.71980
If the AUDUSD does not break the 0.71600 level, then we will just close and cancel this trade after 1 week. The main reason of entering into a Buy stop order for this trade is so that we only want to get into position when the Bulls are surging up north. Sometimes, we might still get caught with a fakey but that’s all part of the game. If you expect that every trade is going to be a winning trade, then you might have to relook at your mindset about trading. Click here to get your copy of this powerful indicator
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