EURAUD – Just a nice chart – Part 2 +154

Well I do feel a bit foolish for not posting my chart of EURAUD yesterday (see here).  I didn’t expect it to move like it has!

My trade triggered about midday yesterday at 1.3622 and has moved nicely north all the way.  After taking a quick look at 8am this morning before I left the house I hadn’t bothered to watch or monitor the position.  Stops and Targets were in place, so nothing for me to do.

I’ve been out today travelling and in meetings so I asked a good trader buddy to monitor the price for me and update me if required. I was chatting with him at lunch time after he called to tell me that price had punched north of 1.3700 and was continuing north.  I was sat in the pub telling him ‘Nah, it won’t have the legs to go another 70+ points to my target today – no chance’.  So imagine my surprise (and a pleasant one at that) when I logged in to take a look at the 1600 4 Hour candle to find that price did indeed have the legs to make it all the way to my T1 at 1.3776.

 As I’ve said before I’d sooner be profitable than right!

So first part of the trade has been taken off for +154 pips of profit.  My trailing stop has been moved to 1.3672 which means there’s at least 50 pips locked in on the final position.  The target for this position is a good 500-600 pips away.  The likelihood of it hitting that target is very slim……but once again I’m happy to be proved wrong. 😉  Until then I’ll just trail my stop accordingly and see what the market wants to do.

I’m now off for an evening of trader chat and drinks with my fellow traders at the London Traders’ Network event this evening.  I look forward to seeing some of you there!

Until next time, trade well!

FXTraderPaul