Update 03-24-08 11am:
I closed the first 2 lots for +50 pips and +100 pips profit, but the final lot hit the stop loss.
Lot 1 (closed at 7:25am): +50 pips
Lot 2 (closed at 7:45am): +100 pips
Lot 3: o pips
Total Pips: +150
Total Profit: $147.51
Update 03-24-08 8am:
Talk about good timing. By the time I write this report after placing the trade, we have hit out first TP for a +50 pip gain. The remaining 2 lots are currently trading around +90 pip range.
The Trade:
This is similar to the EUR/AUD trade. I just had to wait a little longer to confirm this trade.
System:
This trade is based on the OzFX system on daily charts.
Reason:
The AUD, as well as CAD is showing some strength especially against the Euro. This seem like a brief consolidation after long bull move. One the chart, I have the AC and AO turn red. I had to wait a little longer to confirm that the Stoch, RSI and %R indicators are also moving down thereby confirming the trend.
Rating:
I would rate this trade a 4 star. The Stock, RSI and %R indicators are hooking down from oversold territory. This indicates right time entering the trade. Only drawback is the price is above 200 SMA and we are going against the long term trend.
Entry & Exit:
Lots: 3
Entry (short): 1.5727
Stop Loss: 1.5827
TP1: 1.5677
TP2: 1.5627
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