Trade Closed: 2010-09-20 2:14
Yipes! I thought AUDUSD would go all the way up to my second profit target at .9500 but it didn’t. No worries though! Even though AUDUSD erased some of its gains last Friday when the US reported weaker-than-expected consumer sentiment data, I’m still happy with this trade because I was able to lock in some pips with my first profit target at .9435. After that, the second half of my trade got stopped out at breakeven. Phew! At least it’s not a loss. So I guess I’ll chalk this up as another winning trade… Back-to-back, baby!
P/L: +75 pips / 0.5%
Trade Update: 2010-09-17 2:24
That rising trend line I spotted may not be intact anymore, but AUDUSD still hit my first profit target. The price consolidated for a bit and even formed a falling wedge. According to my trusty Forexpedia, a falling wedge is usually a bullish signal so I held on.
To tell you the truth, I got a bit of a scare when the pair started to range, but it eventually shot back up to retest .9450. Oh yeah! This means it’s time for me to move my remaining position’s stop to breakeven. I won’t let this winner turn into a loser. Now, to cross my fingers and hope my second profit target gets hit. Wish me luck, guys!
Trade Idea: 2010-09-15 2:56
Hi guys! Hope y’all are doing well. As for me, I’m oozing with confidence after profiting from my last trade!
That rising trend line on AUDUSD’s 1-hour chart looks really yummy! The pair bounced from that trend line yesterday and zoomed up to the .9450 area when the US released better-than-expected retail sales figures. Just like that, AUDUSD made a new yearly high!
Anyway, I’ve been looking at AUDUSD for a while now, and I think now would be a good time to go long. It’s true that Australia published a bit of bad news with their reports earlier today. The Westpac consumer confidence report came out negative, and housing starts fell short of expectations. But this just presents me with a chance to buy low and sell high, don’t you think?
In any case, the US dollar was the biggest loser yesterday, selling off against almost all the majors. It posted losses against the yen and franc even though US retail sales were good! I guess no one wants US dollars now, eh? I’m hoping investors will keep it weak in the coming days. Risk appetite seems to be the in-thing lately.
Right now, I’m seeing a bullish divergence signaling that the pair could continue its uptrend. See how the price made higher lows and the stochastics showed lower lows? I’m gonna go long at market right now! The pair’s even finding support at that former resistance area around .9355.
Here’s what I did:
Long AUDUSD at .9365, stop loss at .9285, pt1 at .9435.
I have another position on this trade and I plan to let that half ride (probably all the way until the .9800 area, who knows?). I’ll just move my stop to breakeven if my first profit target gets hit. As usual, I’ll risk 1% of my account on this trade.
I do hope this turns out as well as my recent USDCAD trade. Wish me luck everyone! Don’t forget to catch my updates on MeetPips.com.