Daily Forex technical analysis for the major pairs Based On The Elliott Waves Principle Combined with Various Technical Indicators And Fundamentals
Tuesday, June 1, 2010
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
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