Tuesday, January 24, 2012

Weekend trades - 24 Jan 2012

I've just closed the two longs I opened on the 20th January. I managed to hit the 1:2 TP target for both orders last night, but then the price of both the Aussie and Kiwi began to retrace. I decided to leave the remainder of each order open overnight to collect the swap rate, checked both orders again this morning, and saw that the candle for both currencies closed with a long wick. I felt the probability of price going either way was 50/50 so closed the remainder of both orders at an approx 1:1 R:R ratio.

Just as of now, it looks like the Kiwi has recovered quite a bit. Instead of closing both orders, I could've moved my take-profit target to a 1:2 R:R ratio.

Overall, I won 130 pips.

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