Confessions of a Forex Trader

The AUDUSD kept trading in a very tight range in the last 2 weeks. But earlier today the Aussie broke that range for the upside, this is what I got:

AUDUSD

Now that it is out of that range, we entered a bullish market condition and should be looking only for long trading opportunities.

My Trading Plan:

As long as the AUDUSD keeps trading above 0.8781 I will be looking for long trading opportunities. All TP orders will be placed below the next long term resistance level around 0.9006

All short trading opportunities will be ignored.

Trade Safe!

Raul Lopez

Tags: AUDUSD Analysis, aussie analysis, australian dollar, Forex majors

This entry was posted on Wednesday, September 30th, 2009 at 1:13 pm and is filed under Technical. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.