Switching Gears In EUR/AUD Trade

July 10th, 2013
in contributors, forex

by Mike Ber, Forex Alerts

Cross posted with Zentrader.ca.

Editor's note: The following is from ForexAlerts.ca . They recently launched their service and have been profitable every month since inception. Here are their trading results.

Below is from 09 July premium content highlighting a EUR/AUD trade where we shorted it and covered for nearly 300+ pips in total. Following is the review of how we helped subscribers capture those gains. I also want to elaborate on our strategy on this pair going forward.

euro-aussie-dollar-coins

Follow up:

When viewing weekly charts of the EUR/AUD and EUR/NZD it’s clear that the leader is EUR/AUD. The recent pullback in these 2 pairs was simply normal profit taking after a strong run up and these pairs will likely resume their uptrend any day.

Using the below ranges on EUR/AUD, when this pair trades down between those levels, then both pairs will be a buy as the long term trend resumes itself.

eu

—————————————————-

EUR/AUD Trade Recap

Bias: Bearish-Neutral

ea

EUR/AUD Trades:

  • July 3, 2013 – Established a short position @1.4283
  • July 4, 2013 – Took profits – trimmed half @1.4104 (50%) - PL: +179 pips profit
  • Still holding 50% of the position
  • July 5, 2013 – Added to short position @1.4173 ( 1.4228 average)
  • July 9,2013 – Took profits and sold @1.3983 the remaining half of the position we opened on July 3rd – PL: +299 pips profit (our average profit for this trade is 239 pips [(179+299)/2 = 239]
  • Still holding short position we opened on July 5th @1.4173

Commentary:

  • Our Tweets:
July 9, 2013 – “Keep an eye on EUR/AUD tonight as it’s approaching our level to trim 1/2 position at 1.39847?
  • We mentioned yesterday that our first target to take profits is 1.3983. We took profits, but we are still holding a short position we established on July 5th @1.4173. Our target remains 1.3874. Please remember that all our levels are +/- 5-15 pips!
Contact Mike Ber at info@forexalerts.ca to learn more about his service.

Update: We did in fact close this trade via twitter as it neared our 2nd trade at 1.3915

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