Economic data from Australia ain’t lookin’ too good lately so I decided to adjust my stop to entry… and it got hit! Before reviewing my latest forex trade, make sure you read these entries first:
As I expected, the RBA statement turned out to be Aussie bullish as Governor Stevens was less dovish than expected. Just as in their previous rate decision, Stevens decided to highlight the improvements in the economy instead of dwelling on the potential threats to growth. However, I still thought that the trade balance and retail sales releases could push the Aussie in the opposite direction so I adjusted my stop before those figures were printed.
The bleak retail sales did the trick and pushed EUR/AUD back up to my entry area and hit my adjusted stop loss. I already canceled my other short order at 1.4600 since price had moved sideways for nearly a week and the 61.8% Fib is already beyond the trend line.
No pips for me this week then! Guess I’m on the hunt for a better comdoll trade idea once more. Got any suggestions?
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