[B]AUDUSD 1H[/B]
[B]Long or Short:[/B] LONG
[B]Entry Point:[/B] 1.0570
[B]Stop Loss:[/B] 1.0500
[B]Profit Target/s:[/B] 1.0700
[B]Reward-to-risk Ratio:[/B] 70 pips vs 130 pips (a bit under 2:1)
[B]Risk percentage:[/B] 1%
[B]Indicators:[/B] 100SMA (red line), Fibo
[B]Trade Rationale:[/B] gold recently broke out of a long-term triangle and i think it’ll keep rising and provide support for AUDUSD.
also, the 50% Fibo on AUDUSD coincides with a former resistance, and i anticipate that it’ll meet the 100SMA in the same area.
[B]Trade Adjustments:[/B] moving my stop to BE when im up by 70 pips.