The AUD trades continue this week. We haven’t had any stellar trades with the AUD this week, but they add up. We waited until after the UK economic release to enter short. With a small stop just above yesterday’s high, our minimum 3:1 Reward to Risk ratio to our Target 2 criterion was met.
The AUD had been unable to close above yesterday’s high once the UK traders began their session. Price moved down to test and re-test the Asian session low, before dropping further. As price penetrated our Target 1 and began to pull back we exited the trade for acceptable gains. Once we reach Target 1, we are very protective of our profits. After the US economic release, price dropped through our Target 2, but we are very comfortable with our execution. Successful and consistent trading has more to do with discipline than attempting to get the maximum number of pips each trade.
Enjoy your weekend!