[TW] 02-27-2012 AUD/USD Short by littlebopip


Time Frame: 4-hour

Long or Short: Short


Trade Rationale:

There’s a range on the 4-hour chart and AUD/USD is headed for the resistance at 1.0800 again. I plan to short at this level IF stochastic hits overbought by then.

I’ll put my stop above the recent high around 1.0850 and I’ll aim for the bottom of the range at 1.0650. I’ll also move my stop to breakeven once the trade goes 100 pips my way.

Trade Details:

Short AUD/USD at 1.0800, stop loss at 1.0875, profit target at 1.0650.

Reward-to-risk: 2-to-1