I haven't posted a currency trade in a while, so here's what I have going on...
I just went long the Aussie against the US dollar at about .7873.
I had been looking for weakness and a break below .7835, and was in fact short before the London open. When I saw that I was clearly wrong directionally on the break to the upside at .7860, I reversed fields, positioning for a break above .79 on anticipated continuing upward momentum.
So, long AUD/USD at .7873, stop is .7835 and limit is 80.0.
I posted this trade as noteworthy because I find that I am notorious for digging in my heels based on what I want instead of clearly taking in what the market is trying to show me. Even if the trade fails later due to market conditions, I feel as if it is a victory to disconnect from what I feel should be and trade what I see.
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Good luck in your own trades!
STT
P.S. I had to add that I was able to close the long for a modest 8 pips as AUD/USD reversed again!
Here's to staying nimble! I was intending to catch a rise in Aussie on low vol in complacent markets. Perhaps I should have written about my short EUR/GBP trade. More on that later...
I've gotten back into currency trading pretty regularly again. I've been trying a new system for me that's been doing ok. I will wok this weekend on publishing my result for the last two weeks with a couple of charts showing what I use and how. I figure, instead of taking the time to write out every trade, I could write each week about how I did in the currencies, and that would give the system a little more context and visibility.
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