The AUDUSD continues to move lower and after retesting its Asian session low and failing to stay above it, a short was taken, risking 13 pips for a potential 30 pips to our daily target at .6738. I prefer a 3:1 reward to risk early in the U.K. session but 30 pips is not bad in the current market for an intraday trade.
Price continued lower and we locked in some profit and used a structured stop in advance of the U.S. session. when price continued lower to our target the trade was closed.
The market remains very jittery and reactive to not only scheduled economic news releases but also to “tweets” and Fed comments.
A strategy that continues to work well intraday is to lock in profits allowing some wiggle room, but not letting a profit turn into a loss due to a headline surfacing on Bloomberg.
Be selective in your trade setups and don’t be greedy when it comes to taking profits.
Good luck with your trading!
