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Ascending Channel on AUD/USD @ D1

July 29, 2012 (Last updated on September 3, 2012) by

Another Forex pattern for today is presented by AUD/USD pair. Like with the USD/CAD pattern, it is also on a daily timeframe and it is a channel too, but this time it is an ascending one. The channel appears to be of a slightly better quality also, though it is shorter than the one on USD/CAD. I would expect a downside breakout from this one, with bullish breakout possible but resulting in a less accurate trade setup.

The channel borders are outlined with the yellow dotted lines. The cyan lines show the entry points and the green lines — the take-profit levels. As always, breakout stop-loss rate should be determined by the high or low of a breakout candlestick bar. The image below is clickable:

Ascending Channel on AUD/USD @ D1 as of 2012-07-29

Update 2012-08-24: Short position entered on sell stop triggered at 1.0430. Stop-loss set to 1.0548, take-profit is at 1.0192.

Update 2012-09-03: Take-profit triggered at 1.0283 — it was moved higher according to the slope of the green target line. Unfortunately, that has erased some of the potential gains.

If you have any questions or comments regarding this AUD/USD chart pattern, please feel free to reply via the form below.

2 Responses to “Ascending Channel on AUD/USD @ D1”

  1. Jacek

    Another good setup, congratulations. I am always very excited whenever you post any trade idea because they very sensible and seems to be profitable very often.

    Reply

    admin Reply:

    Not as often as I’d like them to be but recently I am feeling quite lucky.

    Reply

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