Sunday, April 15, 2012

Target area for $audusd short.

I entered this trade on Friday after I seen the break of the rising trendwall and hourly 50 ma. Obviously I caught the action a little bit late, but I was still able to get a favorable RR ratio. It opened with a gap down from looming Spain debt concerns and now is looking for support. Currently battling the 4hr 50 ma (3150) area, I'll be looking at .0280 as my first target and then closing the rest of my position at 0250. I have .0350 as my resistance and any 4hr candle closings above that area and I'll maybe get stopped out just in case it decides to reverse.

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