My AUD/USD Trade (19-02-2009) --- Position Squared

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Trade Ticket time displayed is based on US Eastern Time


Ignore the red and blue arrows on the chart.
Those are not my trades done. It is just analysis purposes.

Hello people,

My trade on the AUD/USD (19-02-2009).

I was expecting a buy opportunity due to analysis of Daily chart and how yesterday's price movements closes compared to the day before.

So, I initiated a buy position at the price line of 0.6416 at 11:06am (Singapore Time). There was a little risk that the market might be stuck in a range bound trading but I was more confident on the double-bottom, compliment by my MAs, Fast and Slow MACDs and Stochs. My entry price was initiated as close as possible to the MAs.

My Stop Loss was at 0.6386 (30pips) and Target Profit at 0.6480 (64pips). Risk : Reward = 1 : 2.13. Why Target Profit at 0.6480? It is just above today's Pivot R2 and this price line appears to be quite sensitive for the historical price movements in one hour chart.

Shifted Stop Loss to entry price when I was around 30pips in the money. Then to the high of the 7:00am (GMT) candle when 9:00am (GMT) starts.

Target Profit was executed at 6:11pm (Singapore Time). 64pips profit for this trade :)

Peace and trade safely everyone...