Now here is where it gets interesting. I decided to short AUD. I didn’t use any indicators or fundamental analysis I just entered the trade. I did luckily have a stop loss in place.
Here it is:
Time Open: 15:18 GMT 17/04/06
Initial Price: 0.7377
Stop Loss: 0.7397
Take Profit: 0.7352
Potential downside: USD$200
Potential Upside: USD$200
NOTE: A 25 pip gain is really only 20 pip gain due to the five pip spread on the AUD/USD
Below shows the chart when opened:
The stop loss was hit and my loss from this trade was $210 plus $1.90 swap. This will be my last trade until I gain some knowledge on the use of indicators. It is only pure luck that my account balance is positive.
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1 comments:
one thing that maight help you is to zoom out. watch the whole story not just the close ranged stuff.
for fudamental help here is a exelent commentary site.
http://news.efxnow.com/EN/Commentary/index.html
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