Mid week update: Thursday 22nd March 2012 07:10hrs

So far this week I have tried to short Aussie / USD, Aussie / CAD and Kiwi / USD. I did consider a long on Aussie / JPY but decided against it as the Aussie dollar was so weak.

Below is an update on the trades identified.

To be clear the book is flat at the time of writing.

Aussie / USD.

As detailed in my previous posts I had an order to open at 1.0545 on Tuesday afternoon.
Unfortunately price could only pull back to 1.0520 before making its way down to my target of 1.0395 for 5%.

Chart below.

 

Aussie / CAD.

This is very similar to Aussie / USD in that price did not retrace to the required level to enter the trade with good risk reward.

This trade has been to within 10 pips of the target of 1.0300.

Chart below.

 

Kiwi / USD

With this trade we did get the required pullback to our entry level, however at that point in time we had a short term cross against the direction of our trade. I removed the order with the idea of entering short when price broke back down. I was unable to to do this and price has been to within 30 pips of the target at 0.8030.

Chart below.

 

Aussie / JPY.

Chart below.

This was a good swerve. The trade would have been stopped for -1%

I am still looking for a good set up with good risk reward.

I will update as soon as it has been identified.

Hope you are all having a good week

Regards

Scott