Friday, July 16, 2010

Demo Friday - trade plan - AUDUSD

As i mentioned in my previous post. I would be looking into shorting AUDUSD, due to the trend.

Trade Plan:
I would short Aussie near the 61.8 fibonacci level which is also where the daily chart 61.8 fibonacci level is as well.
 I would place a stoploss order above the resistance level of 0.8844, as if it breaks, i would see it as a possible trend reversal.
I would leave a take profit order at the daily low.

Short AUDUSD at 0.8800. Stoploss 0.8880. Take Profit 0.8726.



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