No crystal ball here. I'm not going to pretend like I know where this is going to go. However, I am hoping to get a position activated that give me profit a few days to many days down the road. Whichever way AUDUSD decides to go, I want to be on it!
AUDUSD qualified for an entry by having 1) consistently low spread (this is important because of stop loss placement), 2) previous daily range of less than 100 pips, and 3) due to the shape of daily candle that formed previously.
My assumption is: the range has been compressed enough to cause contract "coiling" and that a small stop hunt will be performed up to the previous daily high and then drop. If this does not happen, stop losses have been placed to mitigate a deviation from the plan.
I have a sell limit of 0.13 lots at 0.75075 with a 10 pip stop at 0.75175 (risk = 1/4 of 1% ($12.50)), and an expiry of 10 minutes before London close.
I also have a buy limit of 0.13 lots at 0.74481 with a 10 pip stop at 0.74381 (risk = 1/4 of 1% ($12.50)), and an expiry of 10 minutes before London close.
No take profit targets are set with these trades for now. I want to ride them out to stop loss or until I choose to close them.
AUDUSD qualified for an entry by having 1) consistently low spread (this is important because of stop loss placement), 2) previous daily range of less than 100 pips, and 3) due to the shape of daily candle that formed previously.
My assumption is: the range has been compressed enough to cause contract "coiling" and that a small stop hunt will be performed up to the previous daily high and then drop. If this does not happen, stop losses have been placed to mitigate a deviation from the plan.
I have a sell limit of 0.13 lots at 0.75075 with a 10 pip stop at 0.75175 (risk = 1/4 of 1% ($12.50)), and an expiry of 10 minutes before London close.
I also have a buy limit of 0.13 lots at 0.74481 with a 10 pip stop at 0.74381 (risk = 1/4 of 1% ($12.50)), and an expiry of 10 minutes before London close.
No take profit targets are set with these trades for now. I want to ride them out to stop loss or until I choose to close them.
