We are adjusting our stop to 1.2898. This is close to break even now.
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AUDNZD long term may be finished pulling back. As a result, we are looking for a quick day trade to enter the position but keep our risk low.
The following 10m chart is setting up now. We are electing to do a breakout trade since this is countertrend to the current downward movement. The Entry is at 1.2900 with a stop of 1.2874. The First T1 target is 1.2949. At this point, we can take some positions off and tighten our stop for the rest of the positions. The reward risk is 50 reward for a 25 risk so a 2:1.
In order to increase the reward/risk, we can try a pull back order with an entry at 1.2884. This will be a reward of 50 pips with a risk of 10 pips. Therefore, a 5:1 reward/risk ratio.
We will place both orders at this time. Whichever one triggers,we will keep it and the other we will cancel.
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EDUCATIONAL USE. Commodity Futures Trading Comission, Forex, Futures, Equity and options trading has large potential rewards, but also large potential risk and may not be suitable …
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The long weekend is now over and Greece is still in the Euro zone. What Next? It looks like we will have many more weeks, months to worry about the Euro zone. However for this week what can we look for? I’m guessing there should be some relief rally on risk assets now that the weekend is over. However some of that has already happened today. The AUD/USD has broken its Daily downtrend for at least a day. Is this going to continue or will we revert back to the bear trend tomorrow? Or will consolidation begin? So many are short the EURO and still it cannot get any traction to move up. When will there be a short squeeze? In looking at the YEN is the bull trend slowing? The CADJPY has become quite consolidative off the 77.00 level. The more we consolidate here the bigger the breakout should be. Also the AUDJPY and NZDJPY could be potential bottoms. NZD/USD has a Daily double bottom at .7500. Could a medium term long trade be evolving there or are we getting ready to break to new lows.
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