Partner Center Find a Broker

One missed trade and another in the green! Not so bad, right? Here’s a quick update on my recent forex comdoll trades. Make sure you review my initial trade ideas before reading on!

AUD/CAD Long-Term Reversal

AUD/CAD 1-hour Forex Chart
AUD/CAD 1-hour Forex Chart

After shorting AUD/CAD at .9900 a few weeks back, I was able to move my stop to entry for a breakeven trade. The pair is already trading 150 pips below my entry area anyway, and I’m actually considering adding to my position. I’ve only risked 0.5% of my account on my first short order anyway so I have room to add more. What do you think?

The technical signals seem to be lining up for a break below the short-term range just below .9800. If that happens, selling pressure could pick up and push the pair down to new lows below .9600. Fundamentals support a move lower too, as Australia’s jobs report just came in weaker than expected for January.

Short-Term AUD/USD Pullback

AUD/USD 1-hour Forex Chart
AUD/USD 4-hour Forex Chart

As for AUD/USD, well, it didn’t pull up as high as my entry area around .8000 so I might just cancel my short orders on this one. After all, price started moving south right after the jobs report was released and I think it could break below the previous lows before I can even catch the drop.

How about you? How have your forex trades been going so far? I hope y’all are doing great!

Cheers,

Happy time

Other Popular Articles:   

Comdoll Trading Kit EUR/AUD TradeWhat is the STA strategy?Q4 2014 in Review

This content is strictly for informational purposes only and does not constitute as investment advice. Trading any financial market involves risk. Please read our Risk Disclosure to make sure you understand the risks involved.