Clipper Ship Trades: Bought GBP/AUD at 1.7125

Stop loss at 1.6904, first target 1.7590 valid for 3 days.

It is in a clear uptrend. Price just rebounded from the bottom of the channel.

My Trading Approach

Risk management is paramount. I risk 1% (defined here as R) of my trading capital on any ONE trading idea (It could be anything, really! For instance, maybe, I dreamt of a rotten apple, so I find some instrument that allows me to short AAPL ). I use stop losses to limit my risk to 1%.
The trend is my friend, so one of the first things I do is determine the primary trend and stick to it.
My approach is to buy near support preferably after it shows signs of rebounding. Similarly, I short near resistance preferably after it shows signs of falling. Sometimes I go for breakout setups with specific stocks.
I go for a reward/risk of at least 3:1 in my favour. Otherwise, I do not take the trade.

Clipper Ship Trades