Close Open Orders: 2007-03-21 22:25
We will close open orders as AUD/USD never made a retracement down to trigger our entry level.
Trade Idea: 2007-03-19 22:30
Welcome everyone to the first “Playing with ComDolls” post! Tonight we will take a look at the Australian Dollar. The “Aussie” has made a nice run against the US Dollar, going from .7800 on March 13th to .8000 today. This was on the back of traders gaining their risk appetite back, a higher inflation outlook, and rising gold prices.
Now, AUD/USD has made several attempts in the past to stay above the crucial .8000. The market has a bullish outlook on the Aussie, so it just might have that staying power this time.
Because of the strong run, we may see a retracement on profit taking before the uptrend resumes. We will scale into a long position around the 50% and 61% Fibonacci levels drawn on the chart.
Long AUD/USD at .7900, stop at .7860, pt at .7980
Long AUD/USD at .7885, stop at .7845, pt at .7940
And in the words of Pipcrawler, “Remember to never risk more that 1% of your account on any single trade, so please adjust your position sizes accordingly.”
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.