2015-10-13_audusd better long trade entry zone

AUDUSD Bigger Bull Idea (50/200 SMA, Structure)

AUDUSD Bigger Bull Idea (50/200 SMA, Structure)

2015-10-13_AUDUSD Long Term
2015-10-13_AUDUSD Long Term

Better place for Long entry is at 1H chart:

2015-10-13_audusd better long trade entry zone
2015-10-13_audusd better long trade entry zone

Reasons For Trade:

1. 10sma is crossing 50sma in the yellow region. The price might test this zone to give us a bullish entry.
2. 200 sma is far up above. Once the price crosses the latest structure high at 0.7378, the next target will be retest of 127.2 fib level/200sma.
2. Daily and weekly chart are not showing any signs of oversold or overbought.

Stop Placement:

  1. Below 10sma-50sma crossover

Targets:

  1. First Target at: 1:1 R/R
  2. Second Target at 127.2 Fib extension of most recent high
  3. Third Target around 200sma

Trade Execution:

  1. Wait for a confirmation inside the zone to take an entry as this is a wide zone.
  2. As soon as target 1 is hit, close 50% of the position and move the stops to break even i.e. 0.7238
  3. Ride to second target and close 50% of the remaining position and move stops to 0.7330
  4. Re analyse the market to see if more profit can be made with 200sma as target and stops at 0.7428

Concerns:

  1. The price may never come to our zone to give us an entry.
  2. Trade Management will be complicated

Planned News Expected: (UK Time)

TueOct 13  1:30am AUD NAB Business Confidence
WedOct 14 1:30pm USD Core Retail Sales m/m
USD PPI m/m
USD Retail Sales m/m

Post Execution Review:

Pending

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