Forex

Forex $1 MM Challenge – Trade #20 (9-26-19) Sold AUD/USD

U.S. President Donald Trump said on Wednesday a deal to end a nearly 15-month trade war with China could happen sooner than people think and that the Chinese were making big agricultural purchases from the United States, including of beef and pork.

Trump spoke a day after delivering a stinging rebuke to China’s trade practices at the United Nations General Assembly, saying he would not accept a “bad deal” in U.S.-China trade negotiations.

China’s top diplomat hit back at U.S. criticism of its trade and development model in a speech on Tuesday after Trump spoke at the United Nations. Wang Yi, China’s foreign minister and state councilor, said Beijing would not bow to threats, including on trade, though he said he hoped the high-level trade talks next month would produce positive results.

Source

I have a bias that no trade deal will be reached, but I'm going to continue to trade what is real, not what I feel...so I went short on AUD/USD

Monthly Chart (Curve Time Frame) - monthly supply is at 0.88000 and there is no monthly demand is at 0.60000.

Weekly Chart (Trend Time Frame) – the trend is down.

60 Min Chart (Entry Time Frame) – the chart suggests to short price at the 60 min supply at 0.6750.

NOTE: I don't usually trade 60 min charts, continuing to test my skills on the smaller time frame, so my position was a little smaller than usual. In addition, I may try to get to breakeven sooner than later because I'm really in no man's land.

My target is right before the weekly demand zone, but I may not hold as this trade is a greater than 12:1 Reward to Risk trade and I'm looking for just a minimum of 3:1.

This post is my personal opinion. I’m not a financial advisor, this isn't financial advise. Do your own research before making investment decisions.

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