AUDUSD is in a really nice channel where price is respecting both the limits of the channel. We saw a nice bounce off the channel support and looks like we'll be heading towards the channel resistance very soon.
The basic rules of trading within a channel are the following:
- Buy on bounce off channel support
- Sell on rejection off channel resistance
- Stoploss outside of the channel
- Targets should be the outer limit of the channel
** For descending channels, the move down will always be bigger than the move up
** For ascending channels, the move up will always be bigger than the move down
Do your best to identify channels in your trading - easy trades!
Goodluck and as always trade safe!
The basic rules of trading within a channel are the following:
- Buy on bounce off channel support
- Sell on rejection off channel resistance
- Stoploss outside of the channel
- Targets should be the outer limit of the channel
** For descending channels, the move down will always be bigger than the move up
** For ascending channels, the move up will always be bigger than the move down
Do your best to identify channels in your trading - easy trades!
Goodluck and as always trade safe!
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