The Trend of the Day - AUD/USD
To pinpoint an entry in the direction of the daily trend, bring up a 4-hour chart (type "h-4" for Marketscope charts) Look to enter long on a 2 pip break above the October 19th 4-hour high at .9311. Stops can be placed below the 4-hour swing low at .9182. Take profit with either a 1:2 Risk to Ratio or exit at the .9500 handle. Using the ENTRY button on the FXCM Trading Station II will allow you to set up this trade to trigger automatically. This takes the emotion out of the trade.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.