Daily Observations: January 03, 2013
- 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.
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.
--- Written by Christopher Vecchio, Currency Analyst
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