Here is a simple plan to trade the AUDUSD
Sometimes we like to overcomplicate things, we pull up our charts, use 10 indicators (just to determine which way to trade) then we use 10 more to determine our entry…
But I believe trading should be simpler than that, and in order to get there, a clear and simple trading plan makes all the difference.
Look at this chart, and try to come up with a plan, then compare it with mine (below):
The AUDUSD has been rejected twice from both, the top and the bottom of the range.
Recently the market was rejected from the bottom of the range, so where is the AUDUSD heading? Probably up, therefore I’m going to look for long opportunities. That’s it!
You see how simple it is?
Now, analyze other charts and try to do the same thing. And let me know how it goes in the comment section.