AUD/USD 4 Hour
Long or Short: Long
Entry Point: 1.0340 (At Fib 50% Level)
Stop Loss: 1.0240 (Initially 100 pips followed by a 50 pip Trailing Stop)
Profit Target/s:1.0540
Reward-to-risk Ratio: 3:1
Risk percentage: 2 Positions equaling 2% of Trading A/c
Indicators used: Nil. Fibonacci & Trend Line used. Also considering Support and Resistance Zones.
Trade Rationale: AUD/USD is presently in a retracement and expected up to Fib 50% level (1.0340) where previous Support and Resistance areas are coinciding. Breakout of Trendline line (of previous downward trend) is used for confirmation.
Trade Adjustments: When 1.0440 (50%) Hit, take 2nd position with an initial stop loss at 1.0390, i.e., of 50 pips (Meantime the stop loss of 1st position will be at 1.0390 due to trailing stop confirming gain of 50 Pips) followed by a 50 pips trailing stop.
