One of the currency pairs that I’ll be monitoring today is the AUDUSD. I like it because of two reasons:
With the AUDUSD in a clear bullish market condition, only long opportunities will be in play.
I have my next LT resistance level at 1.0750
Good luck on the week ahead!
Trade Safe!
Raul Lopez
Forex Training
On a recent post I wrote about the AUDUSD, back then it was trading in a bullish condition, it was clear that it broke through an important ST resistance level, but it retraced back and started to trade again in a short term range:
How did this change what I thought about the AUDUSD?
Well, it broke through the ST resistance level, but it retraced back and traded again inside the range, so what I did is just increased the size of the short term range. Now I need again the AUDUSD to break the new range before I start looking for trade opportunities.
Trade Safe!
Raul Lopez
Forex Course
The AUDUSD is another pair that I like today, it’s very clear that its trading in s bullish condition, I’ll be looking for opportunities on the AUDUSD as long as it continues to trade above 0.9859:
The next LT resistance level in the AUDUSD is at 1.0183 (all TP orders should we set below this level).
Trade Safe!
Raul Lopez
Forex Training
Earlier today I wrote about the AUDUSD, I thought it was one of the best trade opportunities today, mainly because of the long term charts, they are as clear as water, it clearly got rejected from an important level and its likely to continue its way up until it hits the next resistance at 1.0982.
I waited and waited and waited… and got my signal:
It is still a pending order, here are the details:
Entry order: 1.0525 ( + spread)
SL: 1.0491
TP: 1.0953
Now, if I see a close below the lowest low of the pattern that triggered my order I will cancel it.
I’m risking 1% of my account on this trade… see my risk-reward ratio on this trade? Make your math…
Regards,
Raul Lopez
Forex Course
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The AUDUSD is probably the currency pair that I like the most today. Take a look at the daily chart, its clear that is has plenty of upward pressure, and I think it will continue its way up until it reaches the next LT resistance level at 1.0982:
You may ask, why would I care about the daily chart if I’m a short term trader?
You should care though, if its clear that the AUDUSD is trading in a bullish condition, then try to look for long opportunities, if doesn’t matter if they are short term trades, if you go long, your trade has a higher chance of hitting your take profit order if you go long!
Trade Safe!
Raul Lopez
Forex Course
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The AUDUSD its been trading in a clear bearish market condition since early Monday, it was rejected from an important long term resistance level, and it looks like it will continue its way down until it finds the next long term support level:
I’ll keep looking for short opportunities as long as the AUDUSD keeps trading below 1.0778
Trade Safe!
Raul Lopez
Forex Training
The AUDUSD traded for a long time in a short term range around an important LT level, to be accurate, it traded in that range since the 12th of May, and it just broke that level than, so it is a significant breakout and I look forward to get a short signal:
As long as the AUDUSD keeps trading below 1.0451 I’ll be looking for short opportunities.
Trade Safe!
Raul Lopez
Free Advanced Forex Course
I’ve been waiting for a signal in the AUDUSD since it broke the LT resistance level, since it has been trading around historical highs:
Since we have no LT resistance levels, I’ll use a 3:1 risk reward ratio.
Here are the details of my trade:
Entry: 1.0903
SL: 1.0851
TP: 1.1059
Trade Safe!
Raul Lopez
Forex Training
The AUDUSD has been trading around historical highs for a while now, and to tell you the truth, it looks like it has no intention to retrace back (not even to get some impulse), so there is nothing else to do here than look for long opportunities:
Since we have no LT resistance levels, if I find my signal to go long I will use a 3:1 Risk-reward ratio to set my TP order.
Trade Safe!
Raul Lopez
Forex Training
The AUDUSD has been rejected from the main LT resistance level triggering a bearish market condition:
The next LT support level is at 0.9889. As long as it trades below 1.0062 I’ll be looking for short opportunities.
Trade Safe!
Raul Lopez
Forex Training
The AUDUSD is trading near a long term level around 0.9917. If you take a look at the short term charts, you’ll see that it is ranging in a not well defined around 0.9990 and 0.9826:
The short term range is not well defined, therefore I’ll wait for the AUDUSD to break the short term range, and then I’ll look for trades in the direction of the breakout.
Trade Safe!
Raul Lopez
Forex Courses
A few days back I wrote about the AUDUSD and its bearish market condition, It was in a bearish market condition but it retraced back and entered again in to the ST range, that’s the reason we always need to take into consideration the ST range.
Now the market condition of the AUDUSD has changed, it broke through an important ST resistance level triggering a bullish market condition. As long as it trades above 0.9970 I will be looking for long opportunities:
The next LT resistance level is at 1.0178
Trade Safe!
Raul Lopez
Forex Training
Yesterday the AUDUSD broke through an important ST support level triggering a bearish market condition, as long as the AUDUSD keeps trading below 0.9887 I will be looking for short opportunities:
The next LT support level in the AUDUSD is at 0.9574 (around 300 pips away from where the market is currently trading).
Trade Safe!
Raul Lopez
Forex Training
The AUDUSD is trading in a bullish market condition, only long opportunities are in play. As long as the AUDUSD trades above the parity, I’ll be looking for long opportunities (the parity will always be an important psychological level):
The next LT resistance level is at 1.0171
Trade Safe!
Raul Lopez
Price Action
Yesterday the AUDUSD was trading in a short term range around an important level, but earlier today it broke through the ST support level triggering a bearish market condition:
I’ll be looking for short opportunities as long as it trades below 0.9941. Its important to notice also that the AUDUSD was rejected from the parity level (an important psychological level).
Trade Safe!
Raul Lopez
Forex Training