Aaargh, not again! I chalked up another EUR/AUD loss as the pair rallied back to the 1.4850 level today. What the heck happened?!
Before you read the rest of this entry though, make sure you’re up to speed with my trade idea and adjustments:
I was so convinced that the euro would keep dropping like a rock ahead of the expected ECB monetary policy easing next month, that I was unable to make adjustments to account for the recent sentiment change for AUD. As Forex Gump discussed in his article on the 4 Reasons that Could Push the Aussie Down Under, the RBA’s cautious rhetoric combined with the prospect of budget cuts isn’t looking too good for the Australian dollar.
It didn’t help that risk was really off in yesterday’s trading sessions, leading to more losses for the Aussie. Earlier today, the Westpac consumer sentiment release printed another disappointing figure, enough to push EUR/AUD up to my adjusted stop at 1.4850.
Oh well, you can’t blame a girl for trying, can you? I did my best to press my advantage on this setup as I added on the break of the previous 1.4650 lows then adjusted my stop to my initial entry. I can’t help but wish that I just simply trailed my stop instead of adding!
Got any forex comdoll ideas that could help me bounce back this week?
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