Long aud/usd???

**jongp2** · 05-07-2012, 12:50 AM

tell me what you think!... channel UP or will the unemployment release on the 9th push it further down?

Name: Screen Shot 2012-05-06 at 10.44.44 PM.jpg
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Name: Screen Shot 2012-05-06 at 10.44.44 PM.jpg
Views: 120
Size: 50.0 KB

**colintsui** · 05-08-2012, 01:10 AM

hi jongp2,

seems you are using a long-term chart here (daily?). I think you should first determine the stop loss level before entering long. Although I do turn short term in-the-money trades into medium or long term trades. I will never plan a trade based on a long term chart because price can move against you by a lot without invalidating your view. I like to drill down to hourly or H4 to see if the short term bias converges with long-term bias. If so I will enter with a stop based on short term chart and a target based on the long term chart.

Colin

**colintsui** · 05-08-2012, 01:22 AM

I think long USDJPY at current level with a stop at 79.50 gives much better reward/risk ratio.

**jongp2** · 05-08-2012, 01:39 AM

ahhh! thanks for you input. It's a given that fundamentals could easily derail this long term trend. Nonetheless, i thank you of your insight and tips!
much appreciated,

Phill

**colintsui** · 05-08-2012, 09:23 AM

no problem

**bobmaninc** · 05-08-2012, 11:37 AM

I dont know if I would be long right now. Maybe look to see a bounce at fair value. But my opinion is very bias since 1 I only short AUD/USD and 2 if a I would agree with you long then I would discredit my short I have open soooooo good luck on ya

**jongp2** · 06-08-2012, 10:34 AM

thankfully i was stopped out by 50-pip trailing stop! bagged +290 pips in the last 4-day uptrend!

**wmorris3825** · 06-08-2012, 01:14 PM

Good work! I wasn't watching the Aussie too close lately but there was a definite clean test of that support! Wish I would have bought! Hind sight 20/20... Haha