AUD/NZD – Long Trade

A Fibonacci Retracement was drawn with price then selling off into the 23.6 level.

The position size is relatively small, and the premise for the trade isn’t too scientific.

As a reminder, 2 separate lots were entered in order to have the flexibility of closing one of them manually and leave the other one for a potentially larger number of PIPS profit (This is relevant for U.S.A. based accounts – FIFO rule ).

It’s anecdotal and not a strategy – however over time I’ve noticed a nice – even if temporary – bounce from that area.

Earlier on the Weekly Chart there were 9 consecutive green candles and when a bear candle came up it was quickly bought.

The larger target would be the prior highs around 160 PIPS higher. Another option is the high of the prior candle around 50 PIPS higher.

There is also a trendline that can be used to draw a channel

GBP/CAD – Long Trade Management

We need to remember that long term the pair has been moving lower. Still, in this case we are in a situation where we’ve locked in about 170 PIPS. Aggressive targets could be as much as 330 or 450 PIPS based on the drawing on this 4 Hour Chart.

EUR/CAD – short trade 4 HR chart – stop at breakeven

I noticed the price of this pair was at a level near a prior swing high. There was an opportunity shortly after the entry to get a stop loss order in at breakeven. That was done and now we’ll wait to see how the price action unfolds.

One objective of these posts is to show that trading is work and takes some effort. This position might get stopped out by the end of session today (Friday). That would be fine. There will be opportunities next week.