AUD/USD short at 0.7662 remains ongoing and + 23 pips so far. Take profit set at 0.7619 however i’m lowering take profit to about 0.7612. If I catch a break at 0.7612 then 0.7602 comes next then bail out.
AUD/CAD short at 0.9984 remains ongoing. Profit target was set at 0.9945, price hit 0.9948. Why 0.9945 is because a range break exists at 0.9944 as of this morning. The new range break point exists at 0.9954. I’m not falling in love with this trade because profit potential is not great and I only have so much time to get as many trades and pips earned.
The greatest problem in AUD is AUD/CHF because at 0.7400 current two vital break points exists below at 0.7355 and 0.7340. AUD/USD correlates to only AUD/CAD and AUD/CHF at + 99%. AUD/CHF is holding up further AUD/USD and AUD/CAD downside progress. If AUD/CHF breaks 0.7340 and 0.7355 then all 3 pairs head much much lower.
The ultimate way to go this morning was profit on AUD/CAD at 0.9953 then re short higher. I’m looking for that exact trade now in another pair where we can go in and out a few times in one pair and maintain decent profits.
Also looking for good long trade for a 200 pip or so move. GBP/NZD is coming to that point now and I’m watching closely.
Last is to maintain a good diversity of currency pairs.
Brian Twomey, Inside the Currency Market, btwomey.com