Thursday, November 17, 2011

Trade 1039 - Long AUD/USD

Been a very long time since I wrote up a trade entry - I plan to write up the trade entries and exits more regularly.

I entered the AUD/USD trade with a few things that are positive for the trade - the support line near 1.00 coincides with the 1230 support levels of the sp500, the markets have been trading in a range the past week and may continue to do so.

The economic data is still improving and the euro situation isn't getting any worse for the time being despite Italy yields constantly tinkering above the 7.00% line.

Strategy: Buying Support in a trading range, with intermarket support at sp500 1230
Entry: 1.00651
Stop: 1.001
Target: 1.035
RR: 5.17
Size: 3 lots
Trade Plan: Will try to exit 1/3 of the position at 1.016 and another third at 1.025.