Long AUDCAD on long-term support and round number
Going long on the Australian dollar, as it touches base with 2-month support level and S1 pivot point, not to mention the round number (0.97).
I'll be exiting 60% at 0.97250 (Friday's S1 pivot point), 20% at today's high and midp-pivot point as well (0.9770) and keep the rest, in case the pair trades inside the monthly range (0.97 - 0.9950).
I'm using a tight stop loss at just 5 pips so that makes it a generous Risk/Reward trade.
I'll be exiting 60% at 0.97250 (Friday's S1 pivot point), 20% at today's high and midp-pivot point as well (0.9770) and keep the rest, in case the pair trades inside the monthly range (0.97 - 0.9950).
I'm using a tight stop loss at just 5 pips so that makes it a generous Risk/Reward trade.