Live Trades

Hello All

Welcome to another live trade post, this morning I have gone short on the NZDUSD and the AUDUSD pair, the reasons for these are as follows:

NZDUSD

1. Nicely formed pinbar on the daily chart, opening and closing lower than the previous day
2. RBNZ rate decision delivered as expected a more toned down approach to the global recovery, with the RBNZ governor saying that he didnt expect to lift rates until Mid 2010.
3. 0.7100 represents the top of the recent daily range, the rejection from this level in yesterdays New York session confirms the supply of sellers at this level.

Entry - 0.7015
Stop Loss 1 -0.7061
Stop Loss 2 -0.7100
Take Profit 1 - 0.6965
Take Profit 2 - 0.6900

Update 1 - Admin Fee 10% of my position taken at 0.6987

Update 2 - Closed position at 0.7001

Be aware of when u are wrong and take whats left.

AUDUSD

1. Nicely formed Daily candle opening and closing lower than the previous day.
2. Rejection of 0.92 during the previous New York session again confirming the supply of sellers at the round number
3. Yesterday we have seen a re price of the Australian dollar as the market makers add to their longs to push price to higher levels on the back of static employment numbers expected with most analysts tipping no change in the rate.

Entry - 0.9140
Stop Loss 1 - 0.9170
Stop Loss 2 - 0.9205
Take Profit 1 - 0.9100
Take Profit 2 - 0.9055

Update 1 - Admin Fee 10% of my position at 0.9125

Update 2 - Closed at 0.9164

Loss of 23 pips - a loss is only ok when u keep it small