It appears as though some of your AUDNZD positions were activated and some were not. Mine came pretty close but was not activated. This is still a potential trading opportunity so we will revisit the set up next week. Always close off any pending trades prior to the weekend close.
Today we are looking at the Dow Jones. The US index is trading between a falling wedge formation. September as been a moderately negative month for global equities, we see the possibility of some profit-taking on the sell-side. The inverse correlation between the USD and the US stock market is still intact as they have been moving in opposite directions for some time. There is a chance of a pullback on the recent rally on the USD which may give equities a lift higher from support.
Dow Jones – Daily Charts
Price is being compressed inside a falling wedge on a key support structure. The daily charts have also created a Doji candle close which can indicate reversals in the market.
Dow Jones – 1 Hour Charts
Trade Setup: BUY STOP: entry price 27,060, stop loss 26,860 and take profit 27,500.
Stop loss: 200 pips
Take profit: 440 pips
It is much more beneficial to watch and trade the breakout in case of fake moves. If the market breaks back down inside the wedge close out the position. Manage your risk manually and move your stop loss to open when in profit.
Specification on FOCUS Markets = 1 contract = $10 USD per pip. 0.1 = $1USD per pip
Always check the specification as it varies depending on the provider.