What turned out to be a great intraday setup at the start on the AUD-CAD 30 min chart, bombed and trigger my stop loss then continued to its meteoric rise to my projection target. What should have been a 100 pip profit turned out to be a -23 pip loss although the blame can be placed on myself for not following strict in-trade management (due to sleepiness) as price broke the 50-day moving average in which I could have also played the re-trace up given the strength of the Aussie dollar. But hey, you live, you learn. The two horizontal blue trendlines were my profit targets #1 and #2.

AUD-CAD, January 10, 2007

In other news, turns out the much anticipated rate cut from the Bank of England turned out to be a non-event with the consensus of leaving the rates unchanged despite looming growth in the housing and financial sector and concentrating on inflation.

On the ECB side and as predicted, no changes to the rates and remains the steady currency it is for the time being.




Related Posts: