AUD/USD: I’m still happy to sell rallies

Today’s jobs data has changed nothing in my very biased view and I think all rallies are to be seen as selling opportunities. We probably won’ t see a test of 1.0115 this week but I’d expect us to close back below 1.0200 before tomorrow’s close.

  1. Hi Sean, looking to establish shorts myself would you say 1.0320 by today New York close is a good place to short.
    Thank you

  2. I’d be very surprised if we get that high Yass, personally think that 10250 will be very difficult to overcome. But in an ideal world you are correct, 10320/30 would be a great place to enter with stops above 10400

  3. I shorted with the interest rate move and piled on more at 1.0250, now I’m sweating my pants! 1.0280 is my ceiling without making significant damage to my account.
    Did you increase your shot position Sean?

  4. Don’t risk too much with a tight stop T, that’s way too dangerous. One trade won’t make you rich but could send you broke if badly managed! Why not cover what you sold at 10250 and keep core shorts, that will give you more scope??
    I am still very bearish but my positions are totally under control and I can handle 100 pip gaps higher quite easily. It wud hurt but I can handle it.

  5. Dont like the tight stops Matt, could go 50 pips either way so easily and I don’t have a strong feel for intraday levels. As you know, I’m super bullish medium term but it can so easily swing around. In other words, no I wouldn’t buy here with 50 pip s/l, too much danger of getting stopped

  6. Good evening Sean,

    I didn’t leave an overnight order on AUD/USD at 1.0250. I just sold at 1.0237 with SL at 1.0305 one unit.

  7. Morning Papillon, yes definitely worth a try, yur stop is far enough away so yu should be able to build something. Hedge funds still selling near 10250 thru big Asian bank so they aren’t finished yet

  8. Thanks Sean,

    I hope, it will collapse before Monday morning. I take a break for 2 weeks on Canary islands but before that I want to trade 😉

  9. Hi sean, where do you usually place your stops? Or are there any websites that you could share on how and where to place stops? Usually I place my stops about 20 – 30pip above moving average/ horizontal resistance. But it gets taken out too easily.

    1. > Sean,

      The level at 1.0250 has held during the European open market. Is it good idea if I add two more units if that level holds after US open market with tight stop just above 1.0250 ?

  10. Hi Muneer, all depends on your timeframe. The really important question is the amount of leverage you use and that will then determine how much capital you risk per trade/trading period. When I was say trading, I used to feel that 35 pips was the ideal s/l and maybe with swing trades, 100 pips and you are definitely wrong

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