19th October – AUDUSD 50 pips Profit

October 19, 2009

FX Trading

audusd

Trade One is AUDUSD  currently +50PIPs @ 1707 hrs on 19th October

There has been no holding back the Aussie Dollar it’s been pretty much unstoppable recently trending upwards relentlessly. On Friday there was some lovely divergence between price and the MACD on the 60m chart, which saw it peaking at about 0.9275 and then falling off with the MACD confirming.

It was nice to wake up this Monday morning to see the good old Aussie making a break higher again.

This is what I saw:

1. The Trend retracement was broken to the upside overnight.

2.  MACD trend also broken.

3. Price approaching big number 0.9200

4. Fib on retracement showing 61.8% = 0.9204

OK  – so it’s game on.

Time of Entry 1036hrs

Entry Price@ 0.9209
Stop Price@ 0.9160
Target 1 @ 0.9260

Target 1 was hit at 1630 – so OK with the 1 hour chart it can take all day to get to your target but so what , let it run. Remember what your mum used to say ‘A watched kettle never boils’ how many times did you hear her say that! Usual response from me was to roll my eyes (but not so she could see me – obviously lol)

It’s dinner time and I am 80% of my stake out of that trade, stop is at breakeven which is a nice healthy 50 pips away so I’m just going to let the rest ride – no sweat…sweet.

Lessons to be learnt:

  1. Find more than one reason to enter
  2. Don’t get impatient – if the trade makes sense let it ride
  3. Don’t get greedy
  4. Take printout of this chart – I definitely want to trade a chart like this again!

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