Close Open Orders: 2007-03-21 22:25
We will close open orders as AUD/USD never made a retracement down to trigger our entry level.
Trade Idea: 2007-03-19 22:30
Welcome everyone to the first “Playing with ComDolls” post! Tonight we will take a look at the Australian Dollar. The “Aussie” has made a nice run against the US Dollar, going from .7800 on March 13th to .8000 today. This was on the back of traders gaining their risk appetite back, a higher inflation outlook, and rising gold prices.
Now, AUD/USD has made several attempts in the past to stay above the crucial .8000. The market has a bullish outlook on the Aussie, so it just might have that staying power this time.
Because of the strong run, we may see a retracement on profit taking before the uptrend resumes. We will scale into a long position around the 50% and 61% Fibonacci levels drawn on the chart.
Long AUD/USD at .7900, stop at .7860, pt at .7980
Long AUD/USD at .7885, stop at .7845, pt at .7940
And in the words of Pipcrawler, “Remember to never risk more that 1% of your account on any single trade, so please adjust your position sizes accordingly.”