[TW] 2012-7-16 AUD/USD short by monstapips

Trading Discussion
1

AUD/USD 1-hour

AUDUSD_SHORT.jpg700×297 30.9 KB

Long or Short: Short

Entry Point: Short at market at 1.0160

Stop Loss: 1.0220

Profit Target/s: 1.000

Reward-to-risk Ratio: 160:60 or 2.67 to 1

Risk percentage: 1%

Trade rationale: I think dollar will continue to rally over the coming weeks, as risk aversion is very strong right now. After the bad AUD employment data yesterday, I think the Aussie could be weaker this week. Technically, 1.0160 was a previous support level and is in line with the 38% FIB. Stochastic is also approaching the 80 mark so I think we could see the recent down move continue. Or at least I hope it does.

Trade adjustments: If I see a break of 1.0100, I will tighten my stop. I am also looking to add to my position if another Fib places emerges

2

I don’t know, AU is @ 1.0226 at the moment, so how can you take a short “at market” @ 1.0160?
Maybe you posted your idea a little bit too early?

3

I shorted at market when i posted this trade… and got stopped out later in the day. :frowning: didn’t think we’d see such a sharp rise in AUD/USD to end the week