Live Price Action Trade Video +87 Pips AUD/USD Daily

AUD/USD Short Reversal

I just took a short reversal trade on AUD/USD. Below you will find a description of the trade and a live trade video.

Daily Chart Trading

Daily chart trading is one of the most efficient ways to trade Forex. Unlike small time frame trading Daily charts require very little monitoring time. You can trade daily charts effectively even if you can only check your charts a few times a day. The reason for this is because you can see reversals forming on daily charts days before the trade actually triggers. A new candle forms every 24 hours so it is not as if trades are over quickly.

The trade below formed on Friday which means I had the whole weekend to plan for this trade. So if you have limited time to trade you may want to consider trading the daily charts.

The Trade

The image below shows what this trade looked like last Friday

aud/usd daily chart short

As you can see AUD/USD was primed for a reversal.

After a strong Bullish preceding trend a large indecision candle formed on top of the 1.0580-1.0620 resistance area.

On Monday the Bears took control of price and pushed down past my 1.0520 entry trigger…. the rest can be seen in the video.

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10 thoughts on “Live Price Action Trade Video +87 Pips AUD/USD Daily
  1. I also followed this rise through and above the Resistance of 1.0540 – 1.0560 then indecision, then through and below the Support area of 1.0540 – 1.0560 again.
    I did not enter the trade a reason. I had heard you speak about that trends do not necessarily continue on the Monday after the weekend.
    I am now waiting for the bearish reversal that is setting up now for a buy at approx 1.0465?
    Any thoughts?
    Hope all this makes sense – still a super noob!

    1. The reason you pointed out is only valid on the 8hr charts and lower.

      Just as an example. Let’s say you see a reversal on the weekly chart. You would never be able to enter it if the previous weeks trend did not count.

      So for this reason there is a cut off time frame for that rule. If I am trading a daily chart I am happy to use the previous weeks trend.

      The Bullish reversal on the 4hr was triggered at 1.0436.

  2. So you trade the 4hr chart, 8hr chart and dayly chart, rigth?
    Do you have a specific timeframe for a given pair, or you scope every timeframe for every pair?

    By the way, since I follow your method (three or four months) instead of trading shorter timeframes, I am more consistent and begining to make profits (very little profits, I must say).

    Thanks

  3. Nick, thank you for your videos, and your site, as a very new trader I have learned so much. Thank you very much for your insight.