Cancel Open Orders: 2007-08-31 8:50
Both of last night’s major Australian economic reports came out positive as Retail Sales came in with a read at 0.9% and the Trade Balance deficit was lower at 760M.
The Aussie rallied above .8200 against USD after the news making our entry order over 100 pips away and very dangerous if enter at this point. So, we will….
Cancel All open Orders
Have a great weekend everyone!
Trade Idea: 2007-08-30 18:30
Greetings! Tonight, we will short AUD/USD once again as we may see volatility from the upcoming Australian Retail Sales report and Trade Balance report.
Economists are expecting weaker Retail Sales and a stronger Trade Balance report. Mixed reports can cause short term volatility that can be dangerous to trade. I think if we do see a weaker Retail Sales number, that may outweigh and strength in the Trade Balance, and the Aussie may fall. This outcome would work in our favor as we are short bias on the pair as the 240 MA’s trend lower.
Because this is an event related trade, we will take profits quickly by closing half after 20 pips are gained…
Short AUD/USD at .8120, stop at .8170, pt1 at .8100, pt2 at .8050
Remember to never risk more than 1% of your account on any single trade. Please adjust position sizes accordingly!
Good luck my friends!