And my second short order just got triggered! Thanks to comments from the Bundesbank and weaker than expected data from the euro zone, EUR/AUD was able to break below its previous lows. Here’s a recap of what I’ve got going so far:
EUR/AUD Forex Trade Adjustments
Since I was able to add another 0.5% position on the break of this year’s lows, I also adjusted my stop to my initial entry. With that, I’ve still got 0.5% of my account at risk but I’m looking at a better reward-to-risk ratio if price keeps heading towards my target at 1.4250.
I’m a little wary though since stochastic is already in the oversold zone while price is making a few reversal candlesticks. In case the rest of today’s euro zone reports turn out stronger than expected, I’ll be ready to close this trade early and just take whatever profits I have.
Do you think this sounds like a good plan? Or do you have any other suggestions on how I could manage this trade better?
Cheers,
Other Popular Articles:
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.
