On the 20th of September I released a trade idea about selling gold for the FOMC, to our members we also stated that we would sell EURUSD and AUDUSD. Our pending order was triggered and since the 20th we are selling AUDUSD, right now we are about to start compounding the trade idea which is already 100+ pips in profit (see below).
Like we said in the post earlier, we were waiting for the final USD bull rally before the bears take control again, this we are following the short-term bullish USD trend and a bearish on on the AUD.
Let's take a look at the 4-hour chart before we look at the big picture.
(click on the image to enlarge)
AUDUSD broke out of an important channel during the FOMC meeting and has successfully retested the broken bottom part of the channel.
Initially our TP was at T1 but right before it was hit I saw room for more gains and decided to move my take profit to T3 which is the next logical resistance level.
Keep in mind that the fundamentals support this trade idea. We have a bearish RBA and a bullish FOMC.
As you can see my first trade is already secured with my SL being moved to 66.6 pips in profit which now removes any risk I had on this trade. (first trade profit 56 euros, second trade loss 23 euros = 33 clean profit).
Like the headline of this post states, I will continue to compound this trade and I look at add around 2 more trades until the T3 level is reached. I will most likely add once the 0.79400 level is broken and then again at the 0.78790 level.
Here are our entry details.
As you can see we have begun compounding this trade as of last week, but it's still not late to enter as we see decent potential for AUDUSD to head down to T3 (target profit 3).
Things are looking good so far for us.
We did release other trade ideas in our forum, if you like to access them then you must become a member (35 euros a month).
If you are trading this down we wish you all the best of luck in order to achieve prosperity on this trade idea! If you are trading something else, we hope you did your analysis professionally and will achieve maximal return!
Let us know what you are doing by commenting below!
We wish you a successful new trading week! Make sure you set new goals and challenges but most of all, revert to what you did well last week and repeat it!