Close Open Orders: 2007-11-26 10:26
It looks like there were sellers at the trendline, but we missed the trade as the pair found resistance at .8870…5 pips below our entry…
The pair is now trading below .8800 and any move back up to our entry point may lead to a trend reversal. So, we will close open orders to short at .8875. No trade.
Trade Idea: 2007-11-25 19:42
Hello everyone! For those in the US, I hope you had a wonderful Turkey Day weekend, and for everyone…let’s get back to some currency trading!!
Today, we have a potential resistance play with the AUD/USD approaching a downward trendline. It looks like a bit of return to risk as commodities and higher yielding assets rallied at the end of last week. This rally may continue today, but are sellers waiting at the trendline? I don’t know, but we will play the resistance and hope that the pair returns to the short term downtrend.
With any lack of any major news events today and tomorrow, we may see technicals play out. Here’s our trade idea:
Short AUD/USD at .8875, stop at .8950, pt1 at .8825, pt2 at .8775
Remember to never risk more than 1% of your account on any single trade. Please adjust position size accordingly.
Stay tuned for updates and a possible position reversal if the trendline is broken. Good luck my friends.