It took a while to find a trade, but after the US economic news releases were out of the way, the AUD set up nicely, allowing us to enter with a small stop and a 4:1 Reward to Risk ratio.
This trade was so easy to manage that I haven’t marked in the “take profit” areas as the trade progressed downward. Very few trades are this easy. Always remember to move your “take profit” down to protect yourself against a sudden and very abrupt reversal. This can happen when you get up and walk away to stretch or as quickly as being distracted for a few moments by a telephone call or other interruption. Be very disciplined and avoid distractions while trading. Alarms are useful, but stop losses and take profit orders entered with your broker will assure you of no surprises.
Back tomorrow to wrap up the week.
Good luck with your trading in the meantime!
