As at the time of this writing I still have my AUD/USD buy trade open from last week. While at the end of Friday it was approx 180 pips in the plus today it was over 550 pips in the positive. At the moment it is still about 450+ pips in the positive and I am going to let it ride for some more time.
My trailing stop placed at 100 pips is now at 0.6600 while I purchased the pair at 0.6450 so I am guaranteed a profit of 150 pips even if the market reverses at the moment.
Currently on the hourly charts the pair is retracing a bit but a new low has not been created and neither has it breached the 50 SMA nor the long term support line. I am anticipating it to continue to rise further till about 100% of the earlier Fibonacci. The price did touch the 0.7000 mark and has retraced from there.
For tonight I am not placing any additional trades but will wait for the right opportunity. I am already up more than 200+ pips for the month and it is still the first week of November.
Please do visit my website www.myforexdna.com should you be interested in forex education and putting a game plan for your own trading pursuits.
Tuesday, November 4, 2008
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What do you think, that some dealers on the other hand like documentary transactions because of their security concerns with cash.
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