To kick off the start of the trading week we had some relatively boring price action, most likely due to the market hanging for the high calibre news events that will be unfolding during the week.
However, when the market moved in the later New York trading hours the AUD kicked into action. With the AUD showing signs off bullishness during the market open, them gains quickly dissipated as the bears pushed AUD back downward later on, which is in line with the overall recent bearish AUD momentum.
The bearish activity has created a bearish rejection signal on the daily chart, this signal is respecting a weekly level and the 20 EMA value. With the market clearly having dominant downward momentum, this lines up perfectly with the trend.
The Friday candle was also considered a bearish rejection candle, we spoke about that in this weeks Weekly Video Commentary. That trade was triggered last session when price broke it’s lows.
Trade Hits 600% Return on Risk
At the beginning of this week we posted up some trade discussion in our War Room chart of the day section on a price action setup that formed on the AUDUSD daily chart
We have been targeting the AUDUSD lately as it has been a big mover. The trade setup we spoke about was some bearish rejection that we got off the upper trend mean value into the close of last week. Then on Monday the daily chart printed another Bearish Rejection price action signal.
War Room members were able to maximize the profit potential of this trade by using the price action protocol entry techniques, and by doing so this trade has now screamed into 1:6 profit in a matter of days.
If you risked 2% here then you would have made a return of 12%, traders struggle to do that in a month, even some hedge funds would killed for those figures per month and War Room members have achieved this in a week with such ease.
This is a good example of how price action trading is the most powerful trading technique used in the markets today and why indicators do nothing but get in the way of real profits. To learn more about our price action trading system you can see our War Room Information Page.