[TW] 26 July 2012 AUD/USD Long by sgpilot

[sgpilot]

Hi all!

This is my first time posting in this section, hope it can benefit charity.

This is a:

AUDUSD H4, Positive Regular Divergence Trade aka Long on AUDUSD

1st horizontal gold line from bottom entry.

2nd line is adjusted SL to lock in profits. Moved SL higher

3rd line is TP.

Entered right after bullish outside bar which also bounced off of the down trend line on next bar.

More than 1:1 Risk:Reward,

70 pips SL, 103 TP.

Of course, it closed after taking profit about 103 pips.

I consider this a good trade since I'm just starting out on trading Price Action signals with SR, pivots and divergences.
Overall, I took this trade because it was in the direction of the trend, had a good price action signal, spotted positive regular divergence and also because it had at least 1:1 RR.

Hope you will share what you think.

Thanks!

Prince