16th of March 2021 Identify, plan and trade: It's important | Blueberry Markets

16th of March 2021

Identify, plan and trade:

It's important when looking for a trade to follow a strict plan.

IDENTIFY: We have identified AUDUSD in line with our reversal strategy.

PLAN: AUDUSD’s downtrend could be short lived as retail sentiment suggests retail traders are adding heavily to short positions. The recent retracement closed above the 23.6 Fibonacci suggesting a trend reversal is likely. These 2 things combined suggest we could get another AUDUSD move higher.

TRADE: We will place a BUY STOP order at the candle highs with stops below the lows. If this trade does not trigger by the end of the trading day cancel the order.