Direct from the desk of Dane Williams.
Did you miss the chance to make +150 pips trading AUD/USD last week?
Well, no need to remain too frustrated at yourself because the market gave you a 2nd chance to short the same level yesterday.
To see the intraday level I'm talking about, take a look at the following chart from Monday's blog I linked to above.
AUD/USD Hourly:
Higher time frame resistance holds with that big spike rejection, then the first area of short term support is retested as resistance perfectly for an entry.
Manage your risk around the zone and there was at least an easy 1:3 risk:reward in that trade.
Now take a look at yesterday's intraday price action on the updated AUD/USD chart below.
AUD/USD Hourly:
How about that retest exactly where we entered last week.
There's your 2nd chance to make money from the setup.
This is yet another example of why you don't have to be first to make money as a retail forex trader.
Just ride that flow managing your risk and there's plenty of easy pips to be taken from the market daily.
Best of probabilities to you,
Dane.
FOREX BROKR | Hive Blog
Higher time frame market analysis.
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