By Rob Colville on October 11, 2015 in
Ever wondered how to trade a comm-doll like AUDUSD? It’s not as difficult as you may think! In the short video below, we will reveal the steps we took to identify a recent trend-based set-up on the daily chart (September 2015), place the trade and manage it while keeping the risk low and ensuring we made the most profit we could.
After joining our rapidly growing online community, many Lazy Traders soon discover that we trade all asset classes in the same manner, using the universal method of analysing price action and interpreting the story that price is telling us. After all, every chart has its own story and it is our job to interpret what it is.
Thanks to trading on the daily and weekly charts, our trading only takes us a few minutes a day. After all, life is too short and who wants to be chained to the desk for hours on end?
The same rules for our trading apply, regardless of what the asset class is. We pinpoint exactly same price-action set-ups regardless of whether they present themselves on stock chart, currency pair or commodity. We have the same rules for entry, manage the trade and take profit targets in the same manner regardless of what the asset class is. Yes, simplicity is key!
Our trend-based AUDUSD “sell the rally” trade set-up was identified after the New York close on the 18th September. Our orders were then placed with the broker that evening so that we could be sure to have our order filled in the event of runaway price movements that night.
The trade set-up took us a few minutes to identify and manage, and lasted for 7 trading days before hitting our trailing stoploss, netting us a 2% gain on the fund.
Imagine a scenario where you can trade just one strategy which you can use on currencies, indices and commodities on just one timeframe?
That’s trading price action in the way of The Lazy Trader – keeping things simple and effortless but a big profit potential in mind, regardless of what the news or what the pundits say.
Our How to Trade AUDUSD trade example (video above) is just one example of how we can apply the same set of rules in identifying the trade set-up, managing the trade in the same manner (regardless of what the market ends up doing), and knowing precisely when to take profit.