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AUD/USD Forex Signal - 20 October 2015

By Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.

AUD/USD Signal Update

Yesterday’s signals produced a profitable long trade off the bullish trend line below.

Today’s AUD/USD Signals

Risk 0.75%

Trades may only be taken between 8am and 5pm New York time.

 

Long Trade 1

  • Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of the bullish trend line currently sitting at about 0.7253.

  • Put the stop loss 1 pip below the local swing low.

  • Move the stop loss to break even once the trade is 20 pips in profit.

  • Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.

 

Long Trade 2

  • Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7200.

  • Put the stop loss 1 pip below the local swing low.

  • Move the stop loss to break even once the trade is 20 pips in profit.

  • Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.

 

Short Trade 1

  • Go short following a bearish price action reversal on the H1 time frame immediately upon the next very definite reversal off the forming bearish trend line currently sitting at about 0.7312.

  • Put the stop loss 1 pip above the local swing high.

  • Move the stop loss to break even once the trade is 20 pips in profit.

  • Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.

AUD/USD Analysis

The consolidating triangle has continued to hold and narrow. I had thought that reversals off the trend lines would be more probable trades that breakouts and this outlook was rewarded by the bullish bounce we got earlier from the trend line drawn below. I continue with this outlook of fading the trend line hits, although today I am more comfortable taking a short off the upper trend line than a long off the lower one, as the lower one was just hit a few hours ago. Another hit might indicate a breakout to the down side, after which we would look for support at 0.7200.

AUDUSD

There are no high-impact releases due today concerning the AUD. Regarding the USD, there will be a release of Building Permits data at 1:30pm London time.

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Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.

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