Thursday, May 14, 2009

Trade Update - AUD/USD

For the original trade idea, click here. This trade opened yesterday at the close of the 0800 EDT bar. I opened a position at 0.7602. The pair fell pretty quickly after breaking the support line, and we moved to break even just after 1300 EDT. I put a 20 pip trailing stop on the trade and it has since saved about 60 pips (the trade is up +117 at this writing). It is moving toward a longer term support line and if it closes below, I will add another position. I'll use the same stop for convenience. I'll keep you posted.

Happy Trading!