Thursday, May 3, 2012

$AUDUSD closed +175 pips

$AUDUSD daily chart
$AUDUSD retested the daily trendline at 1.0265 with oversold stochastics on the daily, and the ES looked like it hit a short term bottom.

So I exited with +175 pips.  With initial risk at 35 pips, this was a 5R trade.

This resistance area around 1.0265 is solid, but not quite good enough for me to buy.  However, it was good enough for taking profits.  I'm now looking for a solid buy setup for a short term retracement higher.

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