The AUD pulled through and set up with a near 5:1 Reward to Risk ratio trade today. I’m not Aussie obsessed this week, it has just been an easier pair to trade that the other majors. Some weeks are tough to find trades and this was one of them. It’s always nice to end the week with a positive trade.
Although it wasn’t until the US session got underway – the AUD set up nicely requiring a very small stop loss and a very acceptable return to our Target 2. We got clipped just short of our Target 1 due to the spread, but it was still a nice trade to end the week.
It’s best to make sure your stops are strategically placed and move them in the direction of your trade while you manage it. Use strategic levels to protect your profits or keep them very tight. The markets have been reversing with momentum and there are some very major news events occurring which appear to be making the markets very volatile.
Let’s hope for an easier week next week.
Enjoy your weekend!