Booking profits on AUD position at 8465

My Trade Plan

In the chart i m showing the possible price movement i m tracing , i see a move to the area around 8460-80 then a potential resistance there which might push the price lower a bit to the potential rebound area 8385-8430 then a move up that has a wide range that i cant pinpoint accuratly right now ,, the upside resistance area i m seeing for now is starting 8500 to 8650 ,, the waves development will be my guidance to trace an end to this correction and a close follow to the equity market as well.
i didnt wanna wait and seek a good short position like last time i shown on a chart an up movement and didnt trade it and tried to trade the other way around with a short that didnt end up well
i m taking my chances on that long and if u r in with me on that one ,, stay alerted to my blog for fast position adjustment that i might do.

Preparing to long full position AUD/USD after the break up

it has been a tensive 2 days and the trend was a rollercoaster , it did hurt me once but i had to sitback and watch the price setting its direction before getting envolved again ,, i see the chart i posted 2 days ago starting to get into play after the price broke that 84 level , and the up movement seen in the equities , i m preparing to long this correction up while i m stalking its ending
i m long half position at 8395 stops at 83 target open for now
will be looking to add short if possible

CLOSING POSITION

Opening position

going long half position on AUD/USD of market price 8395
another half will be added around 8370
stops below todays low at 8285

possible trade

thinkin of going long on AUD/USD at the area 8350-70
i dont wanna fall in the same mistake again of waiting short while the long was the better trade but i m just watching wave formations to confirm this trade , the stop loss will bellow todays low
stay alerted

Trade Result

First half position on AUD/USD shorted at 8230 hedged at 8310 , closed hedge at 8460 with +150 pips and closed position at 8380 with -150 , total 0 pips

second half position on AUD/USD shorted at 8460 closed at 8380 with + 80 pips
Total profit on AUD/USD trade +80

Half positioned shorted on CAD/JPY at 84.30 , hedged at 85.10 , closed hedge at 86.60 with +150 ,, closed position at 8680 with -250
total -100

such a weak results but better than coming out with bigger lose , my anticipation for ending this trade is that i see a big possibility after this surprised move up in the risk today that we will see another rally to 86 area in the AUD/USD or maybe a bit more before the correction ends , the existance of this possiblitiy and how strong the bounce from the 8285 level and this might pretty much turn to a bullish reversal , all this forced me to protect our position from more loss and come out with minor loss of 20 pips on the hole trade .
there is still a possibility that it drops down but i ll need more evidence from the market to re-enter short , one of them is breaking the todays low or even testing it.
about the last trade ,, i forgot to say to add the second half on the CAD/JPY with the second half of the AUD/USD , if anyone did that i think we would have came out with around 150-200 pips profit on that trade ,, but for honesty and real profit and loss pips counting , i wont count that second half on the CAD/JPY and i used the profits on AUD/USD to cover its loss
stay alerted as i might jump into a trade quite soon

Closing trade

Closing Aud Position At Current Price 8380
and the cad /jpy
analysis to follow

Trade working out finally

Finally we started to see some movment in our trade in our favor , will post charts of updates as soon as i get some time .

Important comment reply

King said...
Hey Jesus. What are your thoughts on this weeks data seemingly going to support the aud. Do you think this might go to the strong 87 level before going bullish?

May 30, 2010 6:27 PM
Jesus said...
i expect no rate raise and that will hurt the Aussie


and i was sooo right ,, it went down by 200 pips or something so far