Friday, December 21, 2012

AUDUSD Channel Long Trade Setup AUDUSD Channel Long Trade
A long trade is coming up on touch of channel's lower trendline. 

This channel is in place since Oct-12 and is holding up price action very well. I am watching this setup from past few sessions. Previous post [here].

I expect the channel's lower trendline to support price again on any dips towards it.

I plan to go long on touch of lower trendline. This area comes around 1.0430/35. Today, being Friday. I will keep my size quarter of the normal trade size.

I will put stop below the resistance area that is just below the lower trendline.

UPDATE ON 21-Dec-12: Got stopped out.

Sometimes price action can be nasty on Friday. But happy that I kept my trade size quarter of normal trading. 

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