Aussie Profits

Last week AU had a number of great opportunities amongst other pairs, each with decent R:R ratios. There was a long and a short which I'll go through here.

Long

H1

Here we have a small base with a strong move away indicating a great imbalance in supply and demand. On return price fell with red candles only before basing and falling again. I normally like to see red candles only but considering price engulfed the nearby supply and there was still room to rally, there was still opportunity.

2015-04-20 AU Long H1

 

2015-04-21 AU Long H1 ST

15m

The engulf on the H1 could also be seen on the 15m with a nice looking demand. The R:R potential was great as you can see in the image below:

2015-04-21 AU Long M15 ST

With a later entry than planned than I didn't make as was on offer but it's another example of how SD can be traded.

Short

H2

After the long trade, price rallied up to supply with pure green candles (ignore the label that says red in the image) which is exactly what we like to see.

2015-04-22 AU Short H2

5m

A 5m engulf gave us the heads up that price was likely to continue falling so the trade was confirmed as below:

2015-04-22 AU Short M5

Another decent profit from a simple trade setup.

2015-04-23 AU Short M5 v02

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