Tuesday, April 28 Update
ByYesterday saw little action in terms of price movement. The only notable currency is the EUR which had a big movement at 17:00 on most of its pairs.
With the FOMC coming up, I’ll be hesitant to hold on to any trades for too long.
GMT 04:00 – The AUD/USD is looking to reverse it’s uptrend. Here’s the daily chart:
Price is now at a critical support level. If it manages to breach itip, we will be looking for a retracement and enter into a short.
GMT 05:12 - Sold AUD/USD @ 0.7014, SL @0.7044 (30 pips), PT @0.6900 (114 pips)
GMT 06:45 – Price has moved 25 pips in my favor. I will move my stop loss to 0.7013 to secure a +1 pip gain
GMT 07:36 - Stopped out by an over-zealous retracement for a +1 profit. I will be keeping an eye out for another chance to go short.
GMT 16:00 – Looks like the breakout wasn’t able to sustain itself… prices are now heading up. No more trades for today.
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