DailyFX Forum - View Single Post

		DailyFX Forum
Sidebar Wrapper

1,197 Users Online

Thread: Chart of the Day

View Single Post

#306 (permalink)

07-07-2009, 08:47 AM

Thomas Long Thomas Long is offline

DailyFX Power Course Instructor

Join Date: Nov 2007

Posts: 658

Thomas Long is an unknown quantity at this point

AUD/CAD

The AUD/CAD has moved into a range between the .9290 and .9170 areas. Both the 4-hour and daily charts show an uptrend though, so a move up through resistance represents a buying opportunity for breakout traders. The idea is to let the market confirm strength to the upside before entering into the trade. The entry may not be as good as one would like, but waiting for confirmation of the break to the upside could increase the chance of success on the trade. Protective stops should be placed below support with targets to take profits set at twice that risk for our 1:2 risk:reward ratio.

Attached Images

__________________
Enroll in our online FX Power Course today and get personalized instruction from our team of expert traders 24 hours a day. We have taught over 25,000 students and in just eight lessons, we will teach you the fundamentals of Forex trading. Click here to get more information

Disclaimer: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. Any opinions, news, research, analyses, prices, or other information contained on this website is provided as general market commentary and does not constitute investment advice. Forex Capital Markets LLC. will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.