Mar12th – More S3 trades…. thanks to the Aussie dollar

I only worked for the morning today.  Was hoping to catch some of the sun in Hyde Park for the afternoon, but things turned out differently and I ended up resting at my home for the afternoon.  In any case, I took a look at the close of the 3pm candles to see whether they would give me some S3 setups – sure enough, that’s what happened.

The Aussie dollar entered oversold territory and nice pinbars formed on several AUD crosses, including some in the zones that I like to draw onto the daily charts.  It’s going to take too much time to post all the charts.  I analysed which candle formations looked the best and which S3 setups would be going with the trend from the bigger timeframes.  Finally I took 0.5R trades on the following:

  • Short EURAUD @ 1.5485, stop 1.5531
  • Long AUDUSD @ 0.8971, stop 0.8928 & AUDJPY @ 92.26, stop 91.89

Thus my net exposure (incorporating the short EURCHF STAM trade from earlier this morning) is now short EUR x 1.5, JPY x 0.5 and USD x 0.5; long AUD x 1.5, CHF x 1 – and my total risk in the market is 2.5R.

(8.30pm) I only just realised that the AUD employment report is out at 1.30am GMT (early Thursday morning) – gee I am a hell of a smart trader, aren’t!!

(10pm) Just before heading off to bed.  The AUD positions are all in some profit (currently I am up 0.5R across the 3 positions) – I was able to approximately halve the stop loss of each position. Thus at worst, if the employment report is bad, I will come out losing 0.75R across the 3 AUD trades – however if the employment report is favorable, then I stand to make a lot more.  That way I can go to sleep and not worry about my open positions.

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