TRADE TYPE: TRENDING
May 12 | LONG | AUD/USD @ 0.7762 | SL: 0.7733 | TP: 0.7818
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Been offline for a little while, a few nice signals have passed by, but here is one I have caught on the Aussie dollar. The main thing that worries me on this one is I live in Australia, and for the Aussie dollar to move in the the 78's is pretty rare these days, still a signal is a signal.
Trend
Strong established uptrend, nothing to fight against for now.
Momentum
Strong bullish momentum on the 4H's and solid daily bullish momentum also, plenty there to work with.
Trigger
Not really a classic CCI trigger, but it is holding well above the 0 line, with the momentum on our side and price at the lower bollinger in an uptrend, looks like time to go long.
Resistance/Support
Well above the newly added 100SMA, and 200SMA, so nothing to stop it there, yesterday's high would probably be the main barrier for further moves up.
Stoploss/Exit Strategy
Stop just below the daily pivot, while a standard target at the 161.8 extension.
Happy trading!