[TW] 30-04-2012 - AUD/USD (Short) by Bijoymj

AUD/USD - 4 Hour

Long or Short: Short
Entry Point: 1.04500
Stop Loss: 1.05500
Profit Target/s: 1.02500
Reward-to-risk Ratio: 2:1
Risk percentage: 2 %
Indicators used: Stochastic with resistance and Support
Trade Rationale: It is a range play on AUD/USD. The pair is getting strong resistance and support in a difference of 200 pips. Stochastic is also showing over bought condition.
Trade Adjustments: It may be better to add another position after 100 pips.

Nice clean & descriptive chart Bijoymj, good stuff :slight_smile:

Had this same setup. Entry triggered @1.0450 but the pair quickly went to 1.0477. Hoping to see downward movement at opening next week, cause this seemed a perfect trade.

Thanks for your trade idea bijoymj…i actually executed a similar order this morning…i think you’re right on the range play…i also got in at 1.0450…and it’s currently just below that…but i trade a little more conservative i guess…my SL is at 1.0498…hopefully i won’t need 100 pips like your setup…im sure you don’t want to see that neither…and my TP is much more conservative at 1.0350 because last week there seemed to be a resistance level around 1.0390…but yes, I do agree that there was a strong support level at 1.027…good luck!!

Thanks Bijoymj, great trade plan and setup!

The price level almost reached @ 1.03000. A gain of 150 pips from 1.04500. I still believe that the rate will touch 1.02500. Even then I shifted my stop loss from 1.05500 to 1.03500. I also entered in a second position @ 1.03500 and now the stop loss for it also is 1.03500. Let us make things better. Happy Trading… guys…

Great trade!..interest rate cuts helped a ton…=)…I’m already out as it hit my profit target at 1.0350, bagging 150 pips…could’ve got a few more but i’m happy!

HI Bijoymj …i use ssd and macd for indications on dailies…can u please tell me what are your parameters for ssd …
it will be gr8 help…thx