Closed that AUD Trade

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Here is a trade that worked out well in the Australian Dollar/US Dollar.  The last time I traded this pair, it ended up in a loss, but this time, I did a little better.  On this trade, I looked for a level that I though might hold and traded the bounce off that level.

I like this type of trade because it seems like a great way to get into a trade for cheap by getting closer to the stop loss point.  I’m not sure if this is a good way to trade, but it logically makes sense to me.  I guess only time will tell how this strategy works out.

Here is how the trade went down…

4:57 a ET – [7/9/07 Trade 2] S(5) AUD/USD @ 8610, Target 4 @ 8587, Stop @ 8629, TS 1 @ 25 pips. Bounce off high.

00:21 a ET – [7/10/07 Trade 2] Close 4 @ 8590 = +80 pips (+$8.00)

1:43 ET – [7/10/07 Trade 2] Close 1 @ 8579= +31 pips (+$3.10)

Trade Totals: + 101 pips
+ $11.10 – $0.33 (rollover) = +$10.77

15 minute AUDUSD chart

4 hour chart

What the daily chart looked like

Post Trade Analysis: It was a good trade, stuck to the plan, waited it out and made money.

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