Tuesday, December 9, 2014

8 Dec 2014: AUDUSD daytrade #3

This was a trade I took at 3.30AM this morning. You know you're a trader when you think about trading and can't sleep.

The AUDUSD had been ranging for the last few hours. With the US session closing in a few hours, I believed that the range would hold, and went short when price bounced off resistance and retraced a bit. Rather than try to pick the tops and bottoms of a range, I think you're better off just trying to catch the high-probability 'meat' in the middle. The trade was in line with H4 and H1 momentum.

I took profit at 1.5R when price began to stall.

Back to sleep.

(click to enlarge)

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