Friday, October 24, 2014

AUDUSD - 24 October 2014 - Daytrade #2

I violated a rule in this trade, which took place just after the Tokyo open. During volatile periods (for the AUDUSD, the first few hours of the Tokyo, European and Euro / US sessions), you should trade breakouts or their retracements. You shouldn't trade ranges, which are more suited to quieter times. 

Five minutes after the Tokyo open, I went long at a support level, expecting it to hold and continue the ranging pattern from overnight. Session opens are one of the most volatile times during the day, so this was foolish. Lesson learned.

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