AUDUSD is in a really nice channel where price is respecting both the limits of the channel. We saw a nice bounce off the channel support and looks like we'll be heading towards the channel resistance very soon.
The basic rules of trading within a channel are the following: - Buy on bounce off channel support - Sell on rejection off channel resistance - Stoploss outside of the channel - Targets should be the outer limit of the channel
** For descending channels, the move down will always be bigger than the move up ** For ascending channels, the move up will always be bigger than the move down
Do your best to identify channels in your trading - easy trades!
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