Decided to lock in forex profits on my EUR/AUD short ahead of potential volatility coming from Australian jobs data.
Original Trade Idea: Forex Trade Idea: EUR/AUD Falling Trendline
It took a while, but I finally got some profits going with this pullback short idea on EUR/AUD, which triggered the first short position at the beginning of April. But with major economic data coming from Australia in the form of the monthly employment data (check out Forex Gump’s Australia Jobs Report Guide), I decided to close my position to protect my profits. I closed the trade manually (1.4802) for a small gain.
Total: +198 pips/ +0.14% on 0.50% risk
Right off the bat, it looks like I may have closed a bit too early as the pair dropped a bit this morning after I closed, dipping back down to session lows around 1.4750. So, I probably should have just rolled down my stop, but ahead of big data, I tend to give back too much, sometimes all of my profit. I’m okay with take profit now and it doesn’t hurt me so bad psychologically if the pair continues to go my way.
Overall, I’m still bearish on this pair, and will likely create a new trade after the Aussie jobs data, but if there is a pullback in the Aussie and I still like it long, I’ve got my GBP/AUD short idea still in play with live orders working. We’ll see what happens with the data, so stay tuned!