AUD/USD (Trend Continuation)

The pair is in ranging on Monthly TF & Weekly TF but it started making Higher highs & higher lows (which are not very clear but there are) in daily TF.

This set-up scores following 7 points out of 9.

1. Higher Highs Higher Lows (Not very clear)

2. Finding support of 200 EMA

3. Horizontal Support (1.036315)

4. RSI Convergence

5. Bullish Price Action (Low Test Bar

6. Fib Retracement (Retraced up to level 0.786)

7. Trend-line Support

The missing ones are (price action below 50 & 200 EMA) & (No major level of resistance in the way).

Trade Calculation

Entry 1.0453 = (Hight 1.0446 + 5 + 2)
SL    1.0354 = (Low 1.0361 + 5 +2)

85 Pips + (5+5) + Spread (2+2) = Total trade size 99 pips

(1% of account) / 99 = Pip Value