The markets have been looking rather choppy lately and have been rather difficult to trade. Anyway, last night the only market which looked relatively clean and non erratic was the AUD/NZD chart. I went long at 1.2600 and got out at 1.2660 for +60 pips which isn’t a bad result considering the markets currently.

The stochastics action looked clean and the short term price action looked ripe for some movement up. There was some previous resistance (as you can see from the chart) at the take profit levels and hence my rationale for closing.

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I shorted AUDNZD yesterday after seeing the stochastic cross at 12499. I have always been wary of not allowing my trades to run to completion so I left it running for as long as I could. The market did bottom out to 12435 (god knows why my trailing stop didn’t activate which is rather annoying) and now it have moved back. The stochastics have cross the other way and the trend indicator has turned blue… I have close my trade for a measly +15.

When it bottomed, I was sitting on 65 odd points… anyway, I don’t know where the market is going right now but my indicators aren’t going the way I want them to be hence my close out.

Tags: audnzd, daytrade, daytrader, fibonacci, foreign exchange, forex, long, makemesomemoney, position trader, short, Spreadbetting, stochastics, stock market, Trading, trading blog

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