Good day fellaz
I shorted audusd earlier today at 1.0500. This was a major Fib level, as well as a major round figure. I think with everything thats happening in the markets right now, risk aversion will cause people to buy up dollar.
I went short with with about a 60 pip stop, and I think I want to hold on to this trade for awhile. I am concerned thoughh that the weekly open might be a support ara (was resistance last week).
Your thoughts?
Hi Pipballer,
I just shorted the audusd too, and I’m looking to hold it for a while. I’m not sure where your targeting. My stop is much looser (at 1.0674) and I’m looking to take my first profits above .9926 support, and maybe I’ll go for more if the support gets broken. I put my stop at 1.0674 because it gives the trade breathing room above the 61.8% retracement of 1.1062 to 0.9926. I see your point about support around the weekly open. It is right around the 38.2% retracement on my chart (I know people make their fibs differently). Perhaps sellers were just looking to get in early? Maybe I’ll move my stop to break even when the price hits this level. Thanks for pointing it out!
Doshi