[B]Long or Short:[/B] Long setup on the DAILY chart
[B]Entry Point:[/B] 1.0550
[B]Stop Loss:[/B] 1.0470 (below previous resistance of symmetrical triangle)
[B]Profit Target:[/B] PT1: 1.0700 (significant resistance level); PT2: 1.1000 (symmetrical triangle high)
[B]Risk Ratio:[/B] At least 1.88:1 but can reach a maximum of 5.63:1
[B]Risk involved:[/B] 1% of account
[B]Indicators:[/B] None
[B]Rationale:[/B]
[I]Technical[/I] - potential break of symmetrical triangle, good reward-to-risk ratio, strong trend
[I]Fundamental[/I] - optimism on China’s data, comdoll strength, risk appetite in markets
[B]Trade Adjustments:[/B]
I have two options on which reward-to-risk setup I’m going to play, so I’ll wait for a few reports to be released to see how aggressive I should be in buying the Australian dollar. I placed a relatively tight stop on this one, so I know that my symmetrical trade idea would have been invalidated if price went back to my SL.