EUR AUD Breaks All Time Low – Swing Short Entry

EUR AUD Breaks All Time Low – Swing Short Entry

This is not my normal style of trading but is a valid method of trading so I’ve decided to give the trade a try and share it here.

EUR:AUD broke it’s all time low this Week so I shorted it on an intraday retrace and will see how it pans out. Ideally I’m looking for it to capitulate over the coming weeks but as the risk reward is not one I’m overly comfortable with I’ll probably close the trade on any strength and 2 or more green daily closes above 129.30

If applying a measured target and stop loss placement above the previous swing high we’d probably be looking at something like this, however, for this particular trade I wont allow myself to get squeezed by a rally all the way back up there:

2 Comments
  • RS2OOO
    Posted at 00:59h, 30 December

    Closed EUR:AUD swing short for +131 points. Feels good to close a short at the all time low!

    If you are a night owl and enjoy catching bottoms 1.2714 could be a great reversal area….in fact unless it capitulates straight through it in one go, it’s an almost certainty that you’ll earn a few points buying that level as it’s a trend line that starts at the beginning of time and has never been broken.

  • Weekly Swing Trading Round Up 7th January 2012
    Posted at 13:13h, 07 January

    […] if I’d been in trades that were actually going somewhere…what a doughnut closing out the EUR:AUD swing short, why did I do that, well it’s another lesson in trading what you see, not what you think! I […]