Today is going to be a test of patience. A lot of the pairs certainly do look like they are taking off. I'm not even going to try to chase them, because I like the balance I have in my account, and quite frankly, I am not looking to lose it. The only way I am going to look to trade with the trend is if the price comes back down to me. If trading currency was as easy as catching a trend late, then the vast majority of forex traders would be successful rather than the vast majority being unsuccessful. It's all about tipping the scales in your favour. It is at the following entry prices that the scales begin to tip. So it's really a matter of statistics.
If you continually take trades that are statistically more likely to lose than win, then don't expect that account balance to grow. Expect to eventually to have your account get wiped out.
So here are the entry points I am looking for that will finally tip the scales in my favour for the AUD/USD. If price never gets there, I'd rather make no money than lose it:
OPEN POSITIONS: None at this time.
===========================================
CIS* Alert Service
Date:
Action:
Take Profit:
Stop Loss:
CIS* Complimentary Investment Strategy
Ref:
===========================================
PENDING ORDERS:
CIS* Alert Service (C042AS)
Date: Friday September 24, 2010
Action: Order to buy 1 unit AUD/USD @ 94.9
Take Profit: 95.8
Stop Loss: 94.4
CIS* Complimentary Investment Strategy
Ref: mw
------------------------------------------------------------------------------
CIS* Alert Service (C041AS)
Date: Friday September 24, 2010
Action: Order to buy 1 unit GBP/USD @ 1.5615
Take Profit: 1.572
Stop Loss: 1.555
CIS* Complimentary Investment Strategy
Ref: mw
------------------------------------------------------------------------------
CIS* Alert Service (C040AS)
Date: Friday September 24, 2010
Action: Order to buy 1 unit EUR/USD @ 1.340
Action: Order to buy 1 unit EUR/USD @ 1.337
Take Profit: 1.3445 and 1.353
Stop Loss: 1.335
CIS* Complimentary Investment Strategy
Ref: tcd
None at this time.
===========================================
CLOSED POSITIONS:
===========================================
Trade (C038AS) GBP/USD position was closed at our take profit level. :)
Trade (C039AS) EUR/USD position were closed for nominal profit.
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From the Desk of
Aaron Reid
Forex Strategist
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