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,
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