AUD/USD Long Trade 250 Pip Profit 5 Pip Stop Loss

18 June 2017, 07:06
Ahmad Hassam
0
69

AUDUSD pair is correlated with EURUSD.

But I never use correlation in my trading.

This correlation stuff is too hyped.

Currency pairs move according to their own requirements.

So it is always a good idea to ignore correlation altogether and focus on risk management more.

If you have been reading my post regularly you know by now, I focus on risk management more.

First I look at the weekly chart and see what's on it.

Then I look at the daily chart.

This gives me a good idea as to what the market wants to do.

Once i have decided on the market direction, I need to know how much it will move.

Weekly and daily charts have got all that information on that.

So once I have my analysis, I shit to H4 and look for a low risk entry.

Read this recent blog post on a AUDUSD long swing trade.

This AUDUSD long trade had a stop loss of 5 pips and a profit target of 250 pips.

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