[TW] 7-30-2011 AUD/USD (Short) by salt-n-pipper

Trading Discussion
1

[B]Long or Short:[/B] Short
[B]Entry Point:[/B] 1.1000
[B]Stop Loss:[/B] 1.1030 (above 61% Fibo and previous high)
[B]Profit Target/s:[/B] 1.0925 (previous low)
[B]Reward-to-risk Ratio:[/B] 2.5:1
[B]Risk:[/B] 1%
[B]Indicators:[/B] Stochastics (14,3,3)

[B]Rationale:[/B]
[U]Technicals[/U] - Possible resistance at 50% Fibo, bearish divergence, Stochastics @overbought, gravestone doji @1.1000

[U]Fundamentals[/U] - safe-haven flows to USD, big AUD retracement move from record highs, risk aversion

[B]Trade Adjustments:[/B]
If ahead by few pips before the RBA interest rate decision, move stop to BE. If not, close trade early. Try to add position if AUD drops sharply on Monday

2

Hi, I think the stop loss should be 1.1030??

4

edited the stop loss. Thanks for the heads up! :smiley:

5

stop loss has already been triggered.

6

Yeah that was too bad :frowning: Did you trade this one? I’m now looking for a new setup :smiley:

7

No I went for AUD/JPY and GBP/USD. I closed both the trades now after taking 100 pips from them total.

8

But… wow. I re-entered later, and it still turned out beautifully… almost 100 pips gain! (only regret it was on practice account!!!)

Thanks “salty-paper”. :59:

2011-08-02_133838.jpg700×289 30.7 KB