Trade Stopped Out
We held half a normal position size and it got stopped out for -49 pips.
Half Position: -49 pips
Trade Update: 2007-02-14 20:50
Just a quick update on our short trade in AUD/USD. I’m still short in this position and I will keep it open as I still believe this pair is going down. Stochastics are still in the overbought area and starting to turn lower. Our order to short at 0.7850 was missed by 3 pips, so close open orders to short at 0.7850. Stay tuned!
Trade Update: 2007-02-14 09:50
It looks like the Greenback is treading lower against the majors ahead of Bernanke’s testimony. We are currently half a position short in AUD/USD and it is rising at the moment. Unless Bernanke comes out with dovish commentary I think we’ll see resistance at .7850. Let’s do a few trade adjustments
Cancel open orders to short at 0.7775.
Short half position at .7850, stop at 0.7865, pt at 0.7820
Adjust stop on open position to 0.7865.
This creates a total risk of 64 pips. Remember to never risk more than 1% of your account on any one trade. Good luck and good trading!
Trade Update: 2007-02-14 08:10
We entered short half our normal position size last night as AUD/USD rose up to 0.7816. The be events of the day starts with US Retail sales at 08:30 EST followed by Bernanke’s semi-annual monetary policy testimony to the Senate Banking Committee. We will probably see much volatility after his testimony, so look out for possible trade adjustments leading up to this event. Good luck!
Trade Idea: 2007-02-13 23:36
For tonight’s pick we will take a look AUD/USD. We just saw a recent runup in the Aussie as the price of raw materials rose (Australia’s exports are largely comprised of raw materials). Even with this runup, traders still remain bearish on the AUD/USD. We look to enter short on this pair, and with a bullish dollar sentiment before Bernanke’s speech tomorrow we should have a good probability of profitability.
Using the Fibonacci retracement tool, we see possible resistance areas around 0.7816 and 0.7788. This would make a great area to short, especially since we are so close to the 0.7800 area. So, we will scale into AUD/USD today. Here we go:
Short half normal position of AUD/USD at 0.7816, stop at 0.7855, pt at 0.7776
Short half normal position at 0.7775, stop at 0.7815, pt at 0.7675
Remember to never risk more than 1% of your account on any single trade, so please adjust your position sizes accordingly.
Good luck and good trading!