Aussie/dollar, the first position of the week. I’m really beginning to like this pair the more and more I trade it. I did get a little bit emotional during this trade I will admit, but looking back on it now I could’ve held much longer as it was a great setup. My first position wasn’t actually executed until Tuesday morning at about 1am. Pretty rare for me to not take a Monday position but the markets were just too choppy for my liking. There wasn’t any big impact news on Sunday or Monday so there was really nothing that caught my eye. As we all know Brexit is upon us as well, so investors will be looking to liquidate there positions before the news comes out. Another point to touch on is the fact it’s summer, and plenty of investors are with their families enjoying the sun. Summer trading is quite different compared to fall/winter trading and you have to be disciplined in these times. It’s so easy to open up the charts and just look for any position you can see, before you know it, you’ve entered into something that’s mediocre at best and regretting your decision. Oh trading!

Moving on to my most recent position, AUD/USD short.  Some pretty good factors of confluence, enough to tip the probability in my favour. AUD/USD was pulling up towards the 50ema on the 1H chart which was looking slightly bullish to me. At the same time USD/CAD was pulling back down towards the 50ema as well. This is where I had to start stacking some confluence to determine a direction. So judging by the last couple daily candles on USD/CAD I could see this was looking bullish. I had a bearish vibe from AUD/USD so I went looking. Even though a candle closed above the 50ema, i still wasn’t convinced. Normally in a situation like this I would consider going long, but since this was also a double top, I knew this was still bearish. Where the double top occurred was also the daily R1 (1st resistance on the pivot points). MACD was also not looking anything bullish in particular. This was enough for me to take the trade short. I entered at 0.73965. Stop loss at 0.74171. Take profit at 0.73711. Left lots on the table again lol. Still pleased with the trade, and for everyone wondering why I didn’t hedge this with USD/CAD, it was just too choppy for me. Choppy=no real direction is established. Not bad for a Tuesday, this brings me up to +4.5% for June. aud

Hope everyones week is going well, keep moving!

Happy Trading!

Disclaimer: This is not investment advice. These are trades I have taken and by the time you read this will have already come and gone. These are not signals and this is not a signal service. Trade at your own risk!

Published by MyFX Blog