i recently took this long on AUD/CAD. i expect to see new daily highs on this pair and a continuation of the overall trend.
i took this trade simply because it met my criteria for a nice day trade, meaning we have a clear trend, with higher highs and higher lows. After a 4H high was broken, i waited for the re test along with some good price action before going long.
Risk was 1% with a 2:1 reward risk. Simple.
for management i will wait for price to rally 50% to my target before waiting to bring stops to break even.
i took this trade simply because it met my criteria for a nice day trade, meaning we have a clear trend, with higher highs and higher lows. After a 4H high was broken, i waited for the re test along with some good price action before going long.
Risk was 1% with a 2:1 reward risk. Simple.
for management i will wait for price to rally 50% to my target before waiting to bring stops to break even.