My AUD/USD Trade (03-02-2009) --- Position Squared

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Trade Ticket time displayed is based on US Eastern Time

Hey everyone,

My trade today on the AUD/USD.

Initiated a buy position at 02:39pm (Singapore Time). Expecting a continuation from the market after upward movement in the morning. Although at my point of entry, my Stochs are turning down but my MAs are above, Long and Fast MACD are above. Plus market momentum was dieing off.

Initiated a buy position at the price line of 0.6364. Stop Loss at 0.6334(30pips) and Target Profit at 0.6415(51pips) which is near to today's high and it seems like a strong resistance level. Risk : Reward = 30 : 51 = 1 : 1.7.

As priced moved higher, around 20pips in the money. I had decided to shift my Stop Loss to Protective Stop at entry price. Being very conservative.

This trade was closed at my entry price at 05:23pm (Singapore Time). 0pips profit for this trade :)

Peace and trade safely everyone...