Quote:
Originally Posted by John Kicklighter
There is some notable event risk on the Aussie docket (the Westpac Consumer Confidence survey and employment change report), so I'm watching the AUDUSD's relatively clear range activity.
Is there going to be a breakout or simply volatility in the broader range? For now, I'm only concerned about the employment number; so I have a small range trade on with an entry just above 0.95 and target equal to my stop.
Dominate trend says up, so a daily close above 0.9650 would lead me to take on a full size long position; but I would also consider increasing my current position to a full size long on a test of the rising trend (0.9860-85).
As a long-term dollar bull though, waiting patiently for the long-term rising trend to finally give way. Would start building a position on a confirmed move through 0.9450 and add when the rising trend and 100-day SMA (around 0.9380) were taken out.
What does everyone else think? A good trade here (range or breakout)?
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It got hairy there for a while, but my AUDUSD trade has worked out pretty well so far. I was entered yesterday at 0.9510 on the first lot and had to hold on for the drawdown. But, in this dip below range support, I was triggered on my second limit entry order at 0.9480.
Took profit on the first lot for 70 points. Moved the second lot's stop up to breakeven + 40. Second objective is floating up at 0.9610.
Let's see what happens.
