Close Open Orders: 2008-11-21 14:48
AUD/USD retraced a bit higher and fell, but not enough to reach the 50% Fibonacci level where I had my orders ready to go. Since we are at the end of the trading week, I have decided to close my open orders and start my weekend early.
Close open orders to short at .6340. No trade.
Trade Idea: 2008-11-21 01:08
Up top, I have a nice little four hour chart on AUD/USD and after breaking previous support, it looks like a retracement may give traders another chance to short. I used a Fibonacci tool to find possible retracement levels for resistance, and it so happens that previous support lines up with the 50% Fibonacci area nicely.
The current market environment still favors the Greenback as we continue to see more global weakness and fear from investors to put cash back to work in the market. So, with gloom and doom still in play, I like a short on AUD/USD as firms continue to buy back US Dollars.
Remember to never risk more than 1% of a trading account on any single trade. Adjust positions accordingly.
Stay tuned my friends!