AUD/USD – Trade Closed

Trade Closed: 2008-11-25 09:14

Good morning! My first profit target was hit during the morning European trading session and after making an adjustment to my stop on my remaining position to breakeven, AUD/USD rallied after weak US GDP data to close out my remaining position.

1st Half: +145 pips
2nd Half: +00 pips
Total: +0.48% gain

That’s probably it for me for the week as I head home for the holidays. It’s been a wild few months and I’m so anxious to hang with family and friends and get grounded once again.

Don’t worry, it’ll only be for the weekend, and I’ll be back next week to see if we can pull more pips out of these crazy markets. Thanks for checking my blog out, travel safe, and happy holidays!

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Trade Idea: 2008-11-24 12:53

comdollsff

Greetings! It’s a new week in Forex trading, but a short one here in the US as we get the holiday season started. I thought I’d take another crack at AUD/USD as today’s price action may have brought me another shorting opportunity.

On the chart, I have a simple trendline drawn to mark the downwards slope and it looks like the pair is touching again. Will it find resistance? Maybe so, especially with stochastics indicating today’s rally may be over done.

Today’s rally was based on risk appetite as the news of a Citi bailout was released this weekend and on weak US housing data. Also, US president-elect Obama held a press conference today announcing his economic team, sparking a little more confidence as well.

Again, I am still bearish on the current conditions and this may be another opportunity to short. Today’s rally may be a bit exaggerated and overdone as trading volume is lower because of the holidays. Here’s what I’d like to do:

Short AUD/USD at market (.6485), stop at .6635, pt1 at .6340, pt2 at .6075

Remember to never risk more than 1% of a trading account on any single trade. Adjust position sizes accordingly.

Stay tuned!

19 comments

  1. -Conan-

    Had to walk away with +50 on this trade since I’m leaving for thanksgiving and closed all my positions. Great analysis. :)

    Reply
  2. hany_egypt

    Whew .. Congrats happypip. The 1st target is hit .. I am unlucky I read the blog just now ..
    Wish you hit your 2nd target ..

    Reply
  3. julian

    Nice call happy pip.. You have certainly made me happy ! I got in at .6515 and banked 179 pips.. Hope your second target transpires. Enjoy your Thanks Giving

    Reply
  4. hany_egypt

    Whew .. Congrats happypip. The 1st target is hit .. I am unlucky I read the blog just now ..
    Wish you hit your 2nd target ..

    Reply
  5. julian

    Nice call happy pip.. You have certainly made me happy ! I got in at .6515 and banked 179 pips.. Hope your second target transpires. Enjoy your Thanks Giving

    Reply
  6. petitepipper

    Thank You Happy Pip. You’re a Commodities Doll Doll. Fun trading with you. Power to us lady traders.
    petitepipper

    Reply
  7. andrejfx

    Hello and thanks for this tip.
    This is probably silly question, but what does “Total: +0.48% gain” mean ? How is it calculated ?

    Reply
  8. petitepipper

    Thank You Happy Pip. You’re a Commodities Doll Doll. Fun trading with you. Power to us lady traders.
    petitepipper

    Reply
  9. andrejfx

    Hello and thanks for this tip.
    This is probably silly question, but what does “Total: +0.48% gain” mean ? How is it calculated ?

    Reply

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