S1B – Long EURAUD (Dec 11th)


Buying strength, selling weakness (extreme ends of the scale)

Risk: Australian employment report overnight (i.e. early Thu morning)

Here I had initially entered an order to pay 5070 (when it was trading 5080) – then price rallied to around 5100 and then pulled back.  I decided to enter at 5085.  Price dipped further to around 5075 and then rallied.  So with this trade, I would not have been filled if I had waited for price to go to 5070.

At the time of writing this post, price had already rallied to a high of 5132 (+47 pips), which is the previous high (it has been touched three times in Dec) – so I will very shortly raise my stop to the entry level.

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