A quick trading lesson on the AUD/USD
This was a previous trade.
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Every weekend I clear my charts and go through every single pair and see which pairs will fit my strategy and the AUD USD was one.
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I didn't end up taking this trade as I only like to take a couple of trades a week .
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And I didn’t want to override but just to show you my analysis.
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*overtrade
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As Overtrading is one of the reasons why 99 percent of forex traders fail
As you can see the trade has gone into profit and has broken out after the 4th touch , in the 3rd touch it broke out but came back down and this is something known as a false breakout and things like this could potentially cause you to lose the trade if i decided to enter into the 3rd touch instead .
I would've entered the trade at the breakout of the bullish engulfing at 0.7231 but as there was a false breakout earlier, I would've potentially waited until 0.72691 to place the trade, if I had taken this trade, I would've caught 819 pips in total.
Also, I would confirm this by the twist of the Ichimoku cloud from bearish to bullish.
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I have still used the same 3/1 Risk to reward ratio.
A quick trading lesson on the AUD/USD buy