AUD/USD – Close Open Orders

Close Open Orders: 2008-06-19 09:24

Our long trade in AUD/USD didn’t get a chance to execute as the lowest the pair got since the trade idea was about .9405. With the pair back at the top of the channel (near .9490), I have decided to close all open orders and wait for the next trade opportunity.

Close orders on AUD/USD. No trade.

Trade Idea: 2008-06-17 22:18

comdollsff

Good evening! Looks like a channel is forming as the Aussie trends higher against the Greenback. Will the Aussie continue to rise?

Fundamentally, the US Dollar has found renewed interest recently as traders priced in a possible rate hike, but with recent US economic data coming in weaker (housing and industrial production) a rate hike will have to be pushed back until later in the year. Things aren’t looking so good for Australia as well as consumer sentiment wanes, but the Aussie does have the interest rate differential advantage and its correlation to commodities. The environment is uncertain for both currencies, but I think the Aussie will be favored over the US Dollar for now.

Technically, we are keeping it simple by playing the channel. If the pair drops to the bottom of the channel, I look to go long.

Long AUD/USD at .9400, stop at .9350, pt1 at .9450, pt2 at .9500

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

No major evernt risk for the next 24 hours, so technicals should play out for now, but stay tuned for updates and adjustments. Good luck!

Technically, it’s a simple play as we try to play channel

10 comments

  1. pakiestra

    First profit has been hit -BIG thanks Happy Pip !
    Any adjustments, seems uncertain, as the momentum in pair is a bit puny.

    Reply
  2. babyfxtrader

    hi guys.i too entered a trade almost like this one. i entered long @ 9410. with target .9450 and .9470.

    Reply
  3. pakiestra

    First profit has been hit -BIG thanks Happy Pip !
    Any adjustments, seems uncertain, as the momentum in pair is a bit puny.

    Reply
  4. babyfxtrader

    hi guys.i too entered a trade almost like this one. i entered long @ 9410. with target .9450 and .9470.

    Reply
  5. demontez

    happy Pip,
    don’t beat yourself up on this trade as far as i am concerned this was a successful trade even though we missed the entry point via 5 pips. If i had entered this trade i might have gone longed at 9410 going up. So i would have made the first profit target.

    Reply
  6. demontez

    happy Pip,
    don’t beat yourself up on this trade as far as i am concerned this was a successful trade even though we missed the entry point via 5 pips. If i had entered this trade i might have gone longed at 9410 going up. So i would have made the first profit target.

    Reply
  7. bana17a

    I’ve been riding this baby long for the last couple days and the TP target was hit earlier today @ .9480 around 50% retracement. I did did have sell limit order @ the 62% retracement which is also the strong price flip area. Last week bar/candle was an engulfing or double high with lower close bar/candle. i’ve had this week for retracing which it did. the bearish trend could resume next week if not Fri London’s session, IMHO. last week bar/candle was at extreme high after 4 week consolidation.

    Reply
  8. bana17a

    I’ve been riding this baby long for the last couple days and the TP target was hit earlier today @ .9480 around 50% retracement. I did did have sell limit order @ the 62% retracement which is also the strong price flip area. Last week bar/candle was an engulfing or double high with lower close bar/candle. i’ve had this week for retracing which it did. the bearish trend could resume next week if not Fri London’s session, IMHO. last week bar/candle was at extreme high after 4 week consolidation.

    Reply
  9. kissfx

    Hi guys, i am new here. Have been following many posts on this site for a couple of months and finally have some simple questions. I am interested in trading aud/usd. and this seems like a great post. my first question is to all users and what platform they use to place trades? im currently with CMC markets for CFD trading and i noticed they are terrible in FX (you just cant place a stop loss because it always gets hit). So im just interested in knowing what you guys use to trade? also im in Australia and find this currency pair most comfortable to trade…

    Reply
  10. kissfx

    Hi guys, i am new here. Have been following many posts on this site for a couple of months and finally have some simple questions. I am interested in trading aud/usd. and this seems like a great post. my first question is to all users and what platform they use to place trades? im currently with CMC markets for CFD trading and i noticed they are terrible in FX (you just cant place a stop loss because it always gets hit). So im just interested in knowing what you guys use to trade? also im in Australia and find this currency pair most comfortable to trade…

    Reply

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