Friday, November 18, 2011

Trade 1240, 1241 - getting reset in the risk-on game


So last night so the breakdown from the 1230 level at the sp500 level, hitting it's first target of about 1210.

My long aud/usd position got stopped out at 1.001 - but as I step back I see the price has formed a base overnight and was rangebound between 1.001 and .997 - and a similar trading range occuring on the euro.

I realised the market has now formed a much better support zone, with the trading range, and proceed to go long on the 1.001 breakout and the 1.348 euro breakout.

I've taken 4 contracts and 1 contract on the euro, and have stops of .998 on AUD and 1.344 on the euro.