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Daily Observations: January 03, 2013

Daily Observations: January 03, 2013

Christopher Vecchio, CFA, Senior Strategist

Current Positions:

- Short EURAUD from 1.2720, Stop at 1.2585 (lock-in +135-pips), Target 3 at 1.2400

- Long EURCHF from 1.2018, Stop at 1.1990, Target 1 at 1.2500, Target 2 at 1.2750

Time Frame: 1-day to 1-week

Ahead of my time away from the market for the holidays, I was the discussing potential for a Short EURAUD position headed into yearend. Although the trade initially was underwater, it has since rebounded and turned profitable. Accordingly, I've moved up my Stop from 1.2720 (entry) to Target 1 at 1.2585 to lock-in some profit.

The initial Short EURAUD trade parameters were discussed here.

A new year brings about new opportunities; thus it's always good to review proper risk management guidelines to avoid making unnecessary, costly mistakes in the coming trading sessions.

Any other trade ideas and general macroeconomic musings can be found in the Real Time Newsfeed, or by following me on twitter @CVecchioFX.

--- Written by Christopher Vecchio, Currency Analyst

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

To be added to Christopher’s e-mail distribution list, please fill out this form

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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