Hey guys, with the holiday and everything I've decided to stay out of the markets until next week. However there is still a trade that I had on the table from earlier this week that i'm keeping an eye on and managing. If you remember, I mentioned a short position that I took on EURAUD that I didn't feel to good about. Well this trade came within 6 pips of stopping me out and basically told me I was wrong (pattern wise at least). It has since turned over in my direction taking me from down 89pips to plus 60 or so now. My targets are still a while away so I ca't just take the money and run (that would install a bad habit), but I can protect myself. How I protect myself is by trailing my stops at structure. Therefore even if I am wrong and the move was a simply a minor retracement before shooting back up I won't lose as much money. Below are both the 240min & 60min charts of this trade to hopefully demonstrate how I was able to trail this position. And if you want to read more about this trade please check one of the past post.
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