Winning AUD/NZD Trade Review: 109 Pips in 4 Days

Here’s a breakdown of the key factors that contributed to this successful trade:

1. Confluent Support: AUD/NZD had bounced off a key support level three times previously, establishing a reliable technical floor. This confluence of support bolstered our confidence in potential upside.

2. Wash and Rinse Entry: Using the “wash and rinse” strategy within a lower timeframe, we entered the trade on a minor pullback after the initial bounce from support. This approach allowed us to capture momentum while minimizing entry risk.

3. Take Profit at Resistance: With a clear resistance level identified beforehand, we placed a take-profit order to secure profits once the price action reached this target. This disciplined approach prevented chasing after potential gains beyond reasonable expectations.

This trade demonstrates the power of combining technical analysis with a strategic trading process. Identifying strong support zones, executing with precise timing, and adhering to predefined risk management parameters are crucial for achieving consistent trading success.

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This review provides a general overview of the trade and should not be construed as financial advice. Please conduct your own due diligence before making any trading decisions.