Trade Closed: 2007-08-30 18:25
Our trade closed at a loss as the pair rallied hitting our adjusted stop. This trade was a little frustrating as we were up over 50 pips at one point. In hindsight, our first profit target was a little overzealous at 100 pips, so in the future we won’t wait as long to lock in profits.
Total: -50 pips
Trade Adjustment: 2007-08-22 11:30
Greetings everyone! It looks like the pair has been for the past couple of days and may continue to do so until Friday when we see major US data.
Because of the ranging pattern, I’d like to adjust my orders to take profits within the range.
Adjust pt1 to .8000, pt2 to .7950
We will keep a close eye on this trade for the time being. Good luck!
Trade Adjustment: 2007-08-21 09:55
Our short trade was triggered during yesterday afternoon’s US trading session. The pair rallied to right under .8100 before dropping back down as low as .7960 in favor of our trade.
I apologize about the misprint on our first profit target as it should have read .7950 instead of .8050. It has been corrected and is still our first profit target.
I would like to make one adjustment to our trade by trailing our stop. Move the stop from .8150 to .8100
Stay tuned for more updates and good luck!
Trade Idea: 2007-08-20 11:10
Good morning! It has been a wild ride for the markets hasn’t it? We’ve seen the ComDolls fall far as market players have become more risk averse, and then a retracement in the past couple of sessions. Is this the opportunity to jump back in short??
It may very well be according to the chart, and we will take a bet that the trend will resume on AUD/USD. On the chart the pair is currently trading in between the 38% and 50% Fibonacci retracement levels. Also, the stochastics are currently showing the pair overbought in the retracement. Since the stochs haven’t turned lower yet, I’d like to wait for a bit as I think we may get a slightly better entry level at .8050.
This trade has a wide stop of 100 pips, so please adjust your position sizes lower to stay with your predetermined risk levels.
Short AUD/USD at .8050, stop at .8150, pt1 at .7950, pt2 at .7900
Again, please remember to never risk more than 1% of your account on any single trade. Adjust position sizes accordingly.
Stay tuned for adjustments as we may have to cut our trade on any news of US interest rate cuts could cause a Dollar selloff, AUD/USD rally…
Good luck my friends!