Thursday 8 March 2012

First Trade of the Day: AUD/USD

One trade so far here today. Discovered this one using divergence from both RSI and Momentum, as well as a bounce off of a Support line, and a 23.6 Fibonacci Retracement Line (unfortunately, I was a little late at grabbing this one; I would have preferred to buy at the close of the previous bar (1.05952); didn't wait for the close of the current bar since I was late in this trade):

AUD/USD (BUY) at 1.06014
TakeProfit: 1.06050
StopLoss:  1.05850                     
Profit of +8

Based stoploss off of fractal point, and placed my takeprofit just below the 23.6 Fibonacci Retracement Line.