long trade: AUDCAD

We are looking at the AUDCAD Daily-Chart. In this pair of currencies, I opened a long trade. The bottom red dashed line indicates my entry point. The upper two lines stand for my other profit targets (take profits). One of the reasons for my entry here was the important trendline within the daily chart. Such psychological levels play an important role in my forex analysis. They give me a clue where there are opportunities in the market.
As a Forex trader, it is important to develop a routine to duplicate and repeat the analysis. In order to be able to see more clearly the performance of this long trade, we look at the 30min-Chart below.

When I entered the market, the course was first against me. This we see at the deepest candle in this chart. It reflects a reversal, which can be seen from the long wick. So the course could not close down in that half hour and has returned to the opening level of this 30 minutes. After that, there was a nice upward movement, through which my first take-profit was solved. So I was able to move the stop-loss to the entry, to allow no more losses. Risk management is crucial in Forex trading. Together with the forex analysis the foreign exchange trading can be done profitably.