Thursday, October 30, 2008

10-30 AUD/USD Trade UPDATED




Of course this market gets me a little freaked out with all the wild moves it's making, but one thing I know for sure, I must protect myself at all times but with patience and waiting on the right level, a set up will occur. Late US session I was analyzing the charts and checked out the AUD/USD. I noticed what seemed to be some weakness around the 6800 level and when it seemed to be breaking I traded a small pull back into my area. That trade paid 25 pips and stopped me out of 20% at my entry. I noticed however, that there appeared to be a much better level at 6836. I also had a 127R line up with that level and it was a pretty nice support level earlier in the day. As of this writing I am up 2 pips with a fill at 6834. The market CAN do anything but hopefully it will go in my direction. I am mainly trying to trade off of price in this market and thats why TSR really gives me the confidence to take the trade. UPDATED... The second trade at 6834 paid out a total of 92 pips.