Entered long position at 2.1575. Looked like it was having trouble going below 2.1550 on the 4 Hr chart. If it breaks below 2.1550, then it should bounce off the strong support level at 2.1450. I have a buy order at this price.
Looks like a good trade, cant see much more downside risk at this level
GBP/AUD buy order filled.
Position #2: Long at 2.1450
I opened a position at 2.14418
Darn I missed that bottom … O well
We have to see if it bounce back or break it… I am on BE
Nice buy, looking good so far
Im confident it will more than bounce back. It had big retracements like this in Feb and June, only to charge upwards once again
Sold out my GBP/AUD positions too early. But I still made out pretty well.
Position #1: +50 pips
Position #2: +175 pips
TOTAL: +225 pips
Better to get out too early than too late.
With the retrace going on, I’d say you got it right. Nice trading Yohec
Thanks for that. My conservative approach to lock in profits early paid off on this trade. But other times I leave a lot of pips on the table for getting out too early.
Whatever works for you. One of the advantages of trading like this is you can adjust your trades to suit your lifestyle and risk aversion psychology. You’re certainly getting some good results
Ahead of the big Rugby game today, a different take on GbpAud suggesting a strong upturn is imminent
Top trade idea for October 2nd, 2015 – GBP/AUD - ForexNews.com
Eddieb I’m reading that report as a breakout for the bears, ? The confusing part is that it says bad news for the wallabies. How do you see it ?
I read it as bullish. The triangle/pennant he draws shows strong support at about current levels, I believe it will break thru the falling top line of resistance he draws. This also fits in better with his wallabies comment
I never thought this order would fill, but it did.
Long at 2.1440
I closed it to late with 160 pips only 1 position Not sure to open new position
160 pips is a nice winner. Nothing wrong with that.