EURAUD – Just a nice chart – Part 3: Final element stopped out +50

Well after EURAUD’s stratospheric climb yesterday (it climbed faster than a Tornado F3….but that’s not really much of a compliment) it was no surprise to see it teeter at new highs, print a nice reversal pattern and then roll-over and rapidly fall back to earth (once again, very much like a Tornado F3).

My stop had been moved in line with my plan and now sat at 1.3672, 50 pips in front of my entry at 1.3622.  I thought it looked vulnerable…and this time I was right.  Overnight price went down touched my stop level and closed my final portion (with slippage) for a smidge under 50 pips.

 So in two parts I took a total of +154 and +50 points from the position. I’ll be interested to see where EURAUD goes from here however at the end of the day I planned my trade, traded my plan and manged my risk so this was a successful trade.  My one learning point was to ensure my rules for ‘jobbing’ around a position are in place and watertight.  There was a great opportunity here to job around my main position and re-invest some of the profits from the 1st part of the trade into a tight reversal trade short after price hit T1.  But that’s for another day.

Overall a nice trade.  Until next time, trade well.

FXTraderPaul

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About FXTraderPaul

A professional Trader and Coach, FXTraderPaul blogs about his adventures from the front-lines of FX Trading. A Trader and educator who can walk the walk as opposed to merely talk the talk!

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One Comment on “EURAUD – Just a nice chart – Part 3: Final element stopped out +50”

  1. Mike Babbit Says:

    I found about your site on yahoo and read a few of your early posts. I hope you will continue the very good work. I just added your RSS feed to Feedburner. I’m seeing forward to reading more from you later on!

    Like

    Reply

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