AUDUSD 7 May 2020 Analysis Review
This post is a review of the AUDUSD analysis posted on May 7, 2020. The review is aimed at examining the different happenings in the market after the release of the AUDUSD analysis on the 7th of May. This is done so as to gain knowledge and become better at trading.
Below is a screenshot of the AUDUSD analysis post on the 7th of May.
What happened after the release of this post will be examined shortly.
After the publication of the analysis and recommendation, the price of AUDUSD continued to rise. Any trader who traded with our analysis and set take profit in line with our recommendation would already be out of the trade with a profit.
Day traders should be wary of trying to “grab” every pip in the market. A trader who traded according to our recommendation would have exited the trade close to the most recent peak, and would not have been dragged down into the correction that is now happening.
In contrast, any trader who was trying to pick out all the pips and neglected sound analysis would have been dragged into this current correction.
While it is possible that the market continues to move up, locked-in profit is always better than possible profit.
In conclusion, traders should always exercise caution when trading the forex market. This is because trading the forex market is very risky and can lead to partial or complete loss of capital if necessary precautions are not taken. Happy trading :).
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