I’m relatively new to forex, but I thought I’d share a trade idea I have. I was encouraged by Forex Ninja’s post and it’d be helpful to receive some feedback too. Here goes nothing:
AUD/USD, 1, Hour, Long
Stop: 50 pips
Profit target: 100 pips
I still haven’t dablled in fundamentals as I am still learning technical analysis. In this chart, the MA I used is the 200-SMA. I noticed that it’s holding. This, in addition to the Fibs and the “higher lows” I think the bulls will push the pair higher.