Tuesday, March 27, 2012

My Audusd and Nzdud trades.


I wanted to get in closer to the .0550 area but nonetheless, price was resisted and rejected. At this point, I'm looking to break under the hourly 50 ma ALONG with some other for of support. On the hourly, we can a nice bear candle slicing through the 50 + 200 ma's.I placed my stop above the 2 ma's as well as this rising trendline. I would have entered the trade regardless of the trendwall, so I do not all mind the extra form of support (Now Resistance). Looking at the 4hr chart, we produced a nice wick above the 100 ma and 0550 area. We took a spill right under this weekly descending trendline and broke below 0450. My 1st TP area will be .0380 and I'll just simply close out the entire trade at .0335 which is last week's low. 
Risk = 40 pips        
Overall Reward = 186 pips             Not bad.


On the hourly, we broke under the 50 ma as well as the .8200 area which gave me the signal to entered my trade. I looked at the 4 hour and immediately realized the bearish shooting star producing a wick above the .8250 area and under the rising trendwall. That area also had some resistance from the 200 ma. My TP area will be at .8100 for 90 pips, a perfect 3:1 trade.

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