A favourite pattern set up during the UK session. As the AUD continued to set lower highs, a short entry is taken. This trade is greater than 4:1 Reward to Risk to our Target 2. With a stop just above the reversal high, we first attempt to make it through the Asian session low. Price eventually closes below it, then reverses with a wicky candle. When price begins to move up and closes bullishly above our Target 1, we exit the trade.
NZD offered a very similar trade set up too.
Lots of news in the US session tomorrow, in advance of the Fourth of July holiday on Thursday. NFP is on Friday and we choose to not trade that day - so it will be a shortened week.
Good luck with your trading!
Always be careful around trading near major economic news releases.
Back tomorrow if we find a trade.
Michael
www.privateforexcoaching.com
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