Back in the game; short the AUD/USD

It’s been a while since I placed a trade. I’ve been out and about since recouping my losses from a big AUD/USD trade with no stops back a few months ago. I went back home to New York for a visit and I traveled to Hong Kong to check things out. I’ve had my charts up and been looking for trades but just haven’t really got back into the rhythm.

I just placed a short on the AUD/USD after a break of the up-trendline – though I missed part of the move because I was waiting for the next hourly candle to open. The RSI also broke it’s up-trendline and has turned down, the CCI just crossed the 0-line and the MACD has crossed under. I entered my short at 0.8815 with a stop-loss at 0.8845 and my target-profit at 0.8776 – for a potential profit of 39 pips and a potential loss of 30 pips.

AUD/USD 1HR Chart

UPDATE:

So much for “back in the game”. My short forex education was stopped out 0.8845 and the AUD/USD has been ranging since. Currently price has turned down and the last four hours have been red. We’ve broke one major up-trendline and price is testing another. AUD/USD is at 0.8787 at the moment.

The AUD has some news coming out right now so I will be staying out of the currency pair and just watching:

MI Inflation Expectations
New Motor Vehicle Sales m/m