Currency Pair, Time Frame
Long or Short: Long
Entry Point: start of London session around 87.00
Stop Loss: 86.20
Profit Target/s:89.00
Reward-to-risk Ratio:~2:1
Risk percentage:1%
Indicators used: Price action
Trade Rationale: This pair has broken through a descending triangle and closed above it for 2 days. The AUD has been strong across the board, recent Japan data have been soft while Auzzie data has been stable.
Trade Adjustments: There will be AUD data coming out on 7/3 during the Sydney session and I will wait until this data is out because a retraction might provide a better entry or a rally will help confirm. There will be a RBA statement 7/4 during the Sydney session that may help the long position.
Read more: http://forums.babypips.com/analyst-arena/38952-trade-week-rules-contest.html#ixzz1Qt7ZvOQD
