Short AUD/USD – Cancel Open Orders

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

comdollsff.gif

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!

  • PipsiCola

    I’m not sure how technical readings apply to the ComDolls, but I’d like to point out that the hourly charts on AUDUSD is forming a symmetrical triangle. Would it be advantageous to try and ride a break out by placing orders above and below the trend-lines, or is it not a good idea to do this with a commodity currency? I’m semi-new to trading, and would like to get a feel for how ComDolls are different. Thanks!

  • happypip

    By placing orders above and below the current market price you are playing what is called a “straddle.” Sure you can do that, but I am short bias because of how prices are trending. If i enter a long trade, I have a lower probability of success because the trend would be against me…

  • PipsiCola

    I’m not sure how technical readings apply to the ComDolls, but I’d like to point out that the hourly charts on AUDUSD is forming a symmetrical triangle. Would it be advantageous to try and ride a break out by placing orders above and below the trend-lines, or is it not a good idea to do this with a commodity currency? I’m semi-new to trading, and would like to get a feel for how ComDolls are different. Thanks!

  • happypip

    By placing orders above and below the current market price you are playing what is called a “straddle.” Sure you can do that, but I am short bias because of how prices are trending. If i enter a long trade, I have a lower probability of success because the trend would be against me…

  • PipsiCola

    Well, on your advice about my “straddle” idea, I saw your point. Especially since I realized that doing such a thing would have been trying to use technical analysis before critical news was to come out. So I only simulated a trade (on paper) to see what would have happened. Turns out I would have gained 60 pips (30 pips on two lots) on the up-surge that happened. I don’t regret not getting the pips; I wasn’t comfortable with the trade. And I want to thank you for your advice on the subject, Happy Pip. :)

  • PipsiCola

    Well, on your advice about my “straddle” idea, I saw your point. Especially since I realized that doing such a thing would have been trying to use technical analysis before critical news was to come out. So I only simulated a trade (on paper) to see what would have happened. Turns out I would have gained 60 pips (30 pips on two lots) on the up-surge that happened. I don’t regret not getting the pips; I wasn’t comfortable with the trade. And I want to thank you for your advice on the subject, Happy Pip. :)

  • Joey90210

    didn’ really work out, the stop kicked in.

  • Joey90210

    didn’ really work out, the stop kicked in.

  • happypip

    This trade never triggered as I canceled open orders after both Australian reports came out better than expected.

  • happypip

    This trade never triggered as I canceled open orders after both Australian reports came out better than expected.