Hi traders, here I am taking a long trade on the AUDUSD. My reasons for doing so are that price is hitting a monthly support level it has not hit since January/February of 2016 and on the Weekly chart I am already seeing rejecting as price has not broke the support level but is now making a double bottom formation. Now I am taking an aggressive entry here as I want to get in right at the start of the reversal but if I wanted to be more conservative I could have got in the trade at around the 0.71500 level where the next level of resistance is on the Daily chart and wait for a break of that. But being that my best trades that make hundreds of pips are when I enter my trades when I see rejection off of Weekly and Monthly levels I have already entered. My take profit will be the next major weekly resistance level at 0.75000 and I will be hedging my positions short at the next resistance levels as noted in the picture and I will be adding to my position once price moves back in my favor. So my stop is about 100 pips about from my entry and my take profit will be about 400 pips away but will be looking to gain more than 1,000 pips if I keep my eye on this pair and stick to the plan of hedging and adding to my position. Thank you all for reading and much success!