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AUD/USD Signal - August 12, 2013

Long AUD/USD between 0.9133 and 0.9083 if the price reaches this level before Midnight GMT today. Take 75% of the position as profit at 0.9213, move the stop to break even and allow the remainder to run further.

Day traders should wait for the price to return to 0.9133 and look for trades from fast long breaks of inside or engulfing bars on the 15 minute chart, being prepared to enter more than once if necessary, but not more than three times. After one 15 minute bar closes below 0.9083, the signal is invalidated.

Traders that cannot be near their screen should set a limit buy order at 0.9133 with a stop loss at 0.9083, expiring at Midnight GMT tonight.

AUD/USD Signal Aug 12

Adam Lemon
About Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.

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