Home Trade Ideas AUDUSD – LONG – 22nd Nov 2017

AUDUSD – LONG – 22nd Nov 2017

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AUDUSD – LONG – 22nd Nov 2017

 

 

 

 

 

 

 

 

 

 

 

 

The daily chart shows a combination candle stick pattern of a bullish outside bar and an inside bar failure, this formed at a prior support area. This gives us a clear bias to the long side however given the recent strong bearish trend we weren’t looking to hold this trade for a swing move.

 

 

 

 

 

 

 

 

 

 

 

 

On the hourly chart we can see MACD divergence across the prior lows. We also had a clear break of a descending trendline and the 50 EMA. We waited for a pullback and entered a buy limit at the pivot, our stop was placed below S1 and a target R1. This was a set and forget trade for a 1.37R gain.