This refers to my long standing trade in AUD-NZD. It was originally featured in post “Bounce” almost three weeks ago. I bought it at 1.1490 with a target of 1.1900. Intermediate term chart was used for that trade, the cross was trading sideways at that time so my expectation was for rather slow progress. The set up had high probability of success, but the time was an issue.

The move finally started yesterday. Today price hit 1.1800 and retraced. This being Friday and just before G-20 meeting I decided to move my target lower to 1.1800. Next time price moved there, I was out with 310 pips gain. I still think we will see 1.1900, my previous objective, but it seemed a good move to pocket some profits. This trade took longer than most of trades, but since I used higher magnitude chart, my mind set from the start was for lengthy wait.
In yesterday post I promised  to post my today’s trades in GBP-JPY. Here is the chart.

I took three trades. One lost 60 pips, the remaining two made 100 pips each. Just simple breakouts, nothing fancy.
If I find some time tomorrow, I’ll write something about targets. How to choose calculate them. It is my belief, that a trader should have an objective BEFORE a trade is entered. Not that it can’t be changed later, but there must be a plan for every trade.
Most of currencies had spikes both ways today, only to finish the day about unchanged. This is rather confusing, but not really surprising, with G-20 meeting looming over the weekend, Personally, I doubt anything of substance will come out of it, just enough to create even more uncertainty and indecision….
Now that this blog has built a little bit of a history, I’d like to exchange links with other bloggers. I’m looking for contact from people who keep similar blogs. They don’t have to be only focused on Forex, but should be trading oriented. Stocks, futures trading blogs are welcome. Also, if you have a quirky, funny blog about anything and nothing, I think it would be great addition. A little tension release, sorta speak.  So, if you think this a blog you would like to link to, send me an email to mike@fxmadness.com or simply leave a comment here.

Mike K.