Trade of the Day - AUD/NZD 40 pip winner - 23rd January 2024

Created: 24th January 2024

Trade Overview

    • The trade discussed is on the AUDNZD pair, and it closed with a 40-pip profit.
    • The analysis is based on end-of-day trading using Trend Signal Plus, a strategy applied since 2011.

Market Conditions

    • The market for AUDNZD has been relatively flat since around November or December.
    • Despite the flat market, there are potential opportunities within the volatility generated in this range.

Trade Analysis

    • The focus is on a specific trade initiated on January 19th, where the strategy involved identifying a price action trapped within a range and anticipating a snap back to the midpoint.

Trade Management

    • The trade was executed with a stop loss of 55 pips and a take profit of 40 pips, and we've noticed they are already in profit.
    • We note the potential to extend targets beyond the initial 40 pips and mentions the possibility of gaining up to 83 pips.

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