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!

BabyPips.com AUD/USD Forums
BabyPips.com Chatroom
ReviewPips.com
MeetPips.com

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!

  • LoboTrader

    Dear Happy Pip. I’m with you, Short 0.6500 two minutes ago. Good Luck.

  • julian

    11

  • LoboTrader

    Dear Happy Pip. I’m with you, Short 0.6500 two minutes ago. Good Luck.

  • julian

    11

  • -Conan-

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

  • 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 ..

  • 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

  • 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 ..

  • MonsterTrader

    Thanks for the call…and verrry good work! :)

  • 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

  • petitepipper

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

  • andrejfx

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

  • MonsterTrader

    Thanks for the call…and verrry good work! :)

  • petitepipper

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

  • andrejfx

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

  • SmArTaLiCuS

    Would anyone short again now? It’s currently around .6515

  • SmArTaLiCuS

    Would anyone short again now? It’s currently around .6515

  • fapturbo

    Cheers happy pip

  • fapturbo

    Cheers happy pip