Short AUDUSD at 0.7575

Trading Plan: small lot, short at 0.7575, stop loss at 0.765, first profit at 0.7475, second profit at 0.7326.

Reasons:
1) Commercial traders have large sums of short lots currently
2) 0.7575 is a Fibonacci level which serves as resistance
3) 0.765 is Fibonacci level
4) Profit/ loss ratio is 1.47; not great, so small or mini lot.
5)Second profit target is determined by structured resistance level

Wish you all good luck at trading!

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Results: to be continued

Learning: to be continued

Yorum:

Results: short at 0.75751 with 0.15 lot at FXCM; order closed at 0.75415 with a profit of 50.25 USD.

Learning: not followed the trading plan....... not a good trade.