Long AUDUSD (-49 pips)
This was a typical RetiredearlyFX set up, a clear pullback against an established trend, the pullback unfolded in 3 distinct waves (the prefered trading environment) and touched the forecast turning area exactly. The pair than turned up as expected, for some time i have been investigating the point at which to take partial profits and this time my partal profir target let me down. Having made 35 pips the pair turned down suddenly following the unexpected RBA dovish announcements. The pair moved striaght through its stop loss for a neagative result.
Snce htis trade i spent 12 + hours running various scenarios formy take profit partial profit target and developed a trade specific plan rather than a presrcibed number of pips, this new take profit plan will reduce the number of trades like this one that go to stoploss before partial profits significantly although it does reduce total pips made slightly.
RetiredearlyFX is a trading name of the investment company Bagehotsway.
We are not a regulated company but we only sell regulated products.
We are not authorised to give investment advice.
We believe all figures quoted to be accurate but past performance in no way guarantees future performance
Trading FX is high risk and not suitable for everyone.