AUD/USD: Simple Retracement Play – Trade Adjustments

Here’s an update on my AUD/USD short trade idea earlier this week!

As I mentioned in my Twitter update, I decided to make some adjustments on my open AUD/USD trade before the FOMC announces its monetary policy decision. After all, I didn’t want to risk losing most of my recent profits in case the Fed backs out of its plan to keep tapering asset purchases.

audusd

I was able to short around the .8775 area a couple of days ago then I decided to close half yesterday around .8750. I moved my stop to entry on my remaining position that’s still open until now. That means I’ve locked in a small gain on the first half of my trade and I’m looking at a risk-free trade moving forward!

I’m keeping my eyes locked on the previous lows around the .8675 area, as I plan to adjust my stop lower once price tests that level. Are there any other adjustments you think I should make?

Cheers,

Happy time

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  • lin

    happy china horse year,wish all traders 马上有钱。

    • Happy Pip

      Happy Chinese New Year to you too! Thanks for checking out my blog 🙂