Currency Focus: Looking at the AUD/USD

The AUD/USD is meeting resistance at the 1.00 level, and there some clues suggesting that this level will hold.  It's always a good idea to look at gold for confirmation, and price has rejected the $1372 area a couple of times now which plays in our favour.

The potential is for this pair to fall to the 97 area, possibly even as far as 96.  Buying interest should be strong enough at these levels to bring the pair back up to the 99 level, and could offer some opportunity to long the pair once the targets on the downside are reached.

For my trading idea on this pair with specific entry and exit points, click on the my "Trade Journal" link above.

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A Checklist for Successful Trading

Making smart trading decisions isn't rocket science, but it is there is a lot you need to think about.  Here is a checklist that you can use to make sure you are making good, sound trades. 

• The Risk-Reward Ratio is at least 1:2.  This means that  if you risk 50 pips on a trade, the realistic target is 100 pips.
• Look for areas of previous support and resistance.  Either horizontal, ema psychological areas or fibs.  When several of this converge in an area, price is even more likely to react.
• Look to trade with the trend.
• Look for the macd to support your trade idea.  There should be divergence.
• Look at stochastics to be in favour of you trade idea.  It should show that that pair is either overbought or oversold.
• Risk only 1% of your account.
• Trade with discipline and patience.  Make a plan to place a trade at a certain price based on the checklist above, and wait for the price to come to you. 

If you need assistance understanding or implementing the points above, then I would recommend you click on the "Start Here" tab.  The help there should point you in the right direction.  Alternatively, you can take some tutorials at babypips.com.  Best of luck with your trading.

----------------------------------------------------

Supporting your Forex Success:

Would you benefit from daily emails and videos

that highlight key areas to consider entering a trade? 

 Click Here

Would you benefit from real-time webinars

that point out potential trades LIVE?  Yes, that's in real time.

Click here

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