Dear Traders,
Last week proved to be a rewarding one in the markets, and we aim to sustain this positive momentum. As many of you who have been following my trading updates are aware, occasional losing streaks are a natural part of trading. Prior to Last week, we experienced back-to-back losses on all our trades, but setbacks like these provide valuable learning experiences. I may delve into the reasons behind such losses in future discussions. However, for now, I am pleased to report that we have resumed our winning ways after thorough back testing and strategic adjustments to our trading plan.
Let's turn our attention to the AUDUSD pair. Price action recently encountered a robust resistance level. Presently, the market is exhibiting minimal movement, lacking both momentum and volume. Therefore, attempting to enter a trade at this juncture would be ill-advised. Based on the current price movement, I am eyeing an entry point around 0.64500. However, I will exercise caution and await favorable candle formations before committing to the trade.
My target area for this trade is approximately 0.63500, with a stop loss set above 0.64600. This risk management strategy offers a favorable risk-reward ratio of approximately 6:1. It's crucial to calculate your risk accurately and adjust your position size accordingly.
Remember, in trading, risk is the one aspect we can control. Let's utilize it wisely to maximize our potential returns.
Happy trading!
Last week proved to be a rewarding one in the markets, and we aim to sustain this positive momentum. As many of you who have been following my trading updates are aware, occasional losing streaks are a natural part of trading. Prior to Last week, we experienced back-to-back losses on all our trades, but setbacks like these provide valuable learning experiences. I may delve into the reasons behind such losses in future discussions. However, for now, I am pleased to report that we have resumed our winning ways after thorough back testing and strategic adjustments to our trading plan.
Let's turn our attention to the AUDUSD pair. Price action recently encountered a robust resistance level. Presently, the market is exhibiting minimal movement, lacking both momentum and volume. Therefore, attempting to enter a trade at this juncture would be ill-advised. Based on the current price movement, I am eyeing an entry point around 0.64500. However, I will exercise caution and await favorable candle formations before committing to the trade.
My target area for this trade is approximately 0.63500, with a stop loss set above 0.64600. This risk management strategy offers a favorable risk-reward ratio of approximately 6:1. It's crucial to calculate your risk accurately and adjust your position size accordingly.
Remember, in trading, risk is the one aspect we can control. Let's utilize it wisely to maximize our potential returns.
Happy trading!