Today I place another trade, selling AUD/USD. Why?
It is because I read Babypips.com and one of the traders who had quite a few losses recently is betting on that. Well, I get her points as well. From what I understand what she wrote (though I don't understand most of it), USD should be on the rise after past few days of weak performance. And I felt there is not so much hype about AUD, to help it to rise at the moment. They are currently weakened by China economic report as they are big trade buddies. So its 2 strong factors that I based my trade on.
Now that I looked at the chart again, I consciously know what my sub-conscious was thinking. In actual fact, the main reason I place the trade was because there is a chance it might breakthrough the resistance line at around 0.9591. From the graph below, you can see Sep 11 and Jun 12 kissing the resistance and bouncing back up again. And when it breaks, you might be able to really see a long red candlestick.
My other USD/JPY is still on going, and going no where. I am alittle bored at staring at the same USD/JPY chart, and wanted to place other bets to diversify my interest. Below is the chart of my AUD/USD trade. I place a narrow stop-loss, and my loss should be around S$70. Now when I come to think of it, its a little too much, given my paltry funds lol.
Good luck to the Babypips analyst and me :)
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