Thursday, December 20, 2012

AUDUSD Channel Long Trade AUDUSD Channel long Trade
A long trade setup is coming up in AUDUSD H4 charts. 

The channel is in place since Oct-12.I was watching this setup from past sessions and planned to go short. But pair backed off before touching upper trendline. Previous post [here].

Just below the channel's lower trendline comes a horizontal support area. This area is around level 1.04. This area is on-off as support/resistance. 

I plan to go long on touch of channel's lower trendline with a stop just below the support area.

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