Thursday, October 27, 2005

Locking in Profits

Locking in Profits.

It was a good night for the trades.  It appears the Aud/Usd has moved our direction and created another support near 0.7565.  I am adjusting my stop to profitable territory.  I like what has happened with the Aussie and feel good about locking in 50 pips while letting the trade run.  My stop is now at 0.7563.  The Usd/Cad pushed down below and has been able to remain below 1.1685.  I like the Fibonacci from yesterday as resistance near 1.1725.  This only locks in 15 pips profit but it gives room of about 65 pips, allowing the trade to run down to the target of 1.1600.

I will look at the yen and the euro again later on today for potential trades.

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