June 2013

Another quiet Week where I found it difficult to spot any high probability set-ups although there were and still are a few I keep going back to. The AUD:NZD swing long was stopped out on Wednesday for a 180 pip loss. Within hours I became convinced it was going to rebound having taken mine and probably many other stop losses at the max-pain threshold, so I've actually re-entered the trade from 1.1895 and the trade goes into the Weekend showing a 158 pip profit. Defining an upside target is a little tough because its still hard to tell whether this is just a retrace within an ongoing down trend or whether  a larger scale reversal is taking place. For now I'd probably guess at the former so the key here is to watch the moving averages for signs of them offering support or resistance and also for signs of them turning up.