AUDUSD Long 24 Apr 2020: 3.4R Profit!

In my weekly Forex outlook, I mentioned that I had an opened long position on AUDUSD.  I have completed the trade and would like to share the outcome.

AUDUSD has been making a higher highs and higher lows after making a short term low on 21/4. I opened my long position on 24/4 on a classic pullback buy setup when AUDUSD retraced down to its broken SR zone at 0.6340-0.6354, which was resistance but has become support, and formed a bullish pin bar.

AUDUSD 4-Hour Chart

I entered at 0.63549 with an initial stop at 0.6330(25 pips risk) below the bullish pinbar low and TP order initially set at 0.6405(50 pips potential reward) for a 2.0 reward/risk ratio.

Later on the day when I noticed AUDUSD was moving up strongly, I moved up my TP order to 0.6440(85 pips potential reward) ahead of the previous peak. This raised the potential reward/risk ratio to 3.4.

It was a fairly smooth trade and my TP order was hit on 27/4.

Disclaimer:

Trading and investment involves risk, including possible loss of principal and other losses. I shall not be responsible for any losses or loss profit resulting from trading or investment decision based on my posting and any information presented in this blog.