FX:AUDUSD Australian Dollar / U.S. Dollar
What an absolutely beautiful call on this trade idea. Price action came into exactly where we mentioned, and for those who set sell limits, this is a traders dream. ZERO drawdown and a continuation to the downside. Now we just wait patiently with an investors mindset and see if the markets move in the direction we expect it to go. Trade management at this stage is key. I would be advising traders who got in at the limit order area, to consider trailing your stop loss to half, or even setting your trade to breakeven. Those that got in where I did, around the wick rejection area, to consider trailing your stop loss to half. There is no need to have all our risk on the table when we can already see the sentiment kicking in.
Trade closed manually: Breakeven trade for me on this occasion. There was a promise, but it never came through. This is all part and parcel of our business, so we move on and look for another opportunity. Let's keep on Trusting The Process.