Lotto

Sunday, February 5, 2012

AUS/USD Intraday Trade 03 Feb 2012

Came back from holidays and it took some losing trades before I got my mojo back.
The AUS/USD is really strong and providing good trading opportunities. In the chart above found the AUS/USD in perfect measurement and finding resistance at the  1.0728 level. I entered short thinking that it was going to reverse and go south. However I was stopped out and had a breakout on my hands. I quickly went long and added to the position on signs of strength.I know from experience that the green extension line at 1.0743 has a very high chance of being the top of the run. I sold into the level.

It soon created a double top and entered short again on the break of the low of the bar that mad the double top,( This I learn t from Al Brooks). I assumed again that price action would fall to around 1.0687 level. As you can see I added to my position on the rejections of the counter trends. I caught a good trend down until I was stopped out at 1.0703.

Aggressive adding to a position can create good profits even on small runs.19 + , 38+ :>