AUDUSD reached 1st target: +66 pips profit

The AUDUSD short position opened on Apr. 17 (see the original post) reached its first profit target for a +66 pips of profit. The stop-loss orders for the remaining 2 units are moved to their break even points now.

Wd., Apr. 23

There were no trades on Tuesday. The USDCAD position got closed at break even point. See the chart below:

Our AUDUSD short position is in the money now

The AUDUSD dropped like a stone on the lower than expected CPI number. The pair broke through the support line and made a new low on a daily chart falling below the psychologically important resistance at 0.9300. It might take time to break through that number though. Our  short-position position opened on Apr. 17 is … [Read more…]

Aren’t stop loss orders completely pointless?

Answer by Dave Hughe: The major part of investing and trading is money management. If you don't mind losing all your money and even more if you trade on margin, then you don't need stop loss orders.On the other hand, if you want to control your risk, stop loss orders are a must. View Answer … [Read more…]