AUDUSD neutral

Top three forex signals of this week!

22 August 2022 346
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We are waiting for an update of many indicators of US macro statistics this week.

 

But 3 of them are of the greatest interest to news traders:

* New Home Sales (MoM),

* New Home Sales,

* Manufacturing PMI.

 

These events have performed quite well in testing trading on rollbacks.

 


That is, any currency pair with the US dollar can be selected and transactions can be opened.


 

Today, we will make a choice in favor of the AUDUSD currency pair, as this week for Australia is not eventful.

 

The fundamental aspects of the countries are such that today the US economy is ahead of the Australian one, but not too noticeably. This is useful for trading on rollbacks as we don't see a clear trend in the AUDUSD yet, and the price will likely remain at the same level with increased volatility.


Top three forex signals of this week! - Photo 1


 

What might be the strategy?

 

For each of the three indicators, it will be the same (M15 timeframe):

 

A few seconds before the data on the AUDUSD chart is updated, we place 2 pending Buy Limit and Sell Limit orders at a distance of 0.2 - 0.25% from the current price (approximately 130 - 170 pp) with a target Take Profit order in the area of price at the moment of the data update.


 

After that, if:

 

** the indicator grows, we leave only Sell Limit, and delete Buy Limit.

To protect ourselves, use a Stop Loss order above the high of the previous day.

 

** the indicator falls, we leave only Buy Limit, and delete Sell Limit.

To protect ourselves, use a Stop Loss order below the low of the previous day.

 

If the pending order to open a position does not work within 8 hours, delete it.

 

If Take Profit does not work within 8 hours after the opening of the transaction, we exit the market on our own.



 

Remember the spread and money management rules!



 

Risk Warning!

 

Trading in financial markets involves a high level of risk and may result in the loss of investment capital. The MarketCheese team is not responsible for the possible loss of your investment funds. 

This content is for informational purposes only and is not intended to be investing advice.

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