The AUD was active during the Asian session after RBA Gov. Stevens’ speech. The European traders brought price off its lows before the UK traders pushed it back down where it formed a higher low. After 2 bullish candles an entry long is taken giving us a better than 3:1 Reward to Risk ratio setup to our Target 2.
In advance of the US Open we move our stop loss to plus 1. Price subsequently moves up to the Asian session high and we wait one more candle to see if it can break through and head to our Target 2. It does not and we give back a few pips and close the trade. This was a very straightforward setup and assisted by the lack of US news in advance of the FOMC meeting later today.
Good luck with your trading!
Back tomorrow if we find a trade, but not Friday as we are taking a long weekend.