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Simit Patel
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I'm a precious metals and energy investor as well as a currency trader who combines analysis of geopolitics, monetary economics, energy technology, innovation cycles, Internet technology, and technical price patterns to develop trading and investing outlooks. I trade/invest in all timeframes --... More
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Forex Trading Journal
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Wealth Management in the New World
  • Re-Entering A Long AUDUSD Position 1 comment
    Sep 30, 2009 6:56 AM
    I've been playing AUDUSD a lot this year, as I'm bullish on it on a three year outlook, and looking to ride an upwards trend.

    I entered a long position at 8827 with a stop 300 pips out. Profit target is about 1,000 pips. This is based on the weekly AUDUSD chart.

    The rationale here is that price has broken above the double doji on the weeklies. Moving averages are still aligned and "big picture" fundamentals remain supportive, further indicative that the bull trend is still in tact. 

    I'm only half in, as I'm still waiting for a pullback, which I think is quite likely. If/when it occurs, I'll put the remaining half in. However I wanted to get half in now in the event a pullback does not occur.
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  • Michael Clark
    , contributor
    Comments (8362) | Send Message
    Our system has been long AUDUSD since 7/15/09. Still long.
    30 Sep 2009, 08:15 AM Reply Like
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