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Last week on 13 oct we talked about EURCAD as it had broken lower from a rectangular pattern and the target on the downside was give 1.45000 and 1.44000 respectively. Although our first target was achieved easily but for second target the market closed just about .0007 pips away. Till now we have gained 193 pips approximately on this trade setup and we had risked only 68 pips. It seems to be a very nice set up. From here I expect price to rise a bit and we can see some profit booking this week but the target on the downside still exist near 1.43000 levels
We also talked about buying AUDUSD near .7550 levels with a stop loss of .75200 and target .7670 0. It also worked quite nicely as price made a high of .76470 and closed at .76140. I expect price to achieve .76700 levels next week but buying at current price is not recommended as the risk to reward ratio is poor at current levels.
If anyone is following my trade setups then please follow these guidelines,
1. Never risk more than 2% of your account on a single trade, adjust the position size according to stop loss distance.
2. Don't over trade, if there is no setup then don't make imaginary setups. Stay away in such cases.
3. Do comment on the setups posted by me as it encourages me to post more good setups.
Tomorrow I shall post more setups.
Happy trading to all.
We also talked about buying AUDUSD near .7550 levels with a stop loss of .75200 and target .7670 0. It also worked quite nicely as price made a high of .76470 and closed at .76140. I expect price to achieve .76700 levels next week but buying at current price is not recommended as the risk to reward ratio is poor at current levels.
If anyone is following my trade setups then please follow these guidelines,
1. Never risk more than 2% of your account on a single trade, adjust the position size according to stop loss distance.
2. Don't over trade, if there is no setup then don't make imaginary setups. Stay away in such cases.
3. Do comment on the setups posted by me as it encourages me to post more good setups.
Tomorrow I shall post more setups.
Happy trading to all.
