Monday, December 8, 2008

Catching A Bottom?

I don't know if it will really be the bottom, but I've managed to sink a decent amount of long AUDJPY around the 58.00 mark. There was a long term trend support line right around that point and I went with it.

There are two separate positions at that point. Both of them have a protective stop loss slightly above their purchase price.

Thought I've been having fun picking off a few pips here and there, this is perhaps the first time I've been able to jump on a perfect setup and sit around with hundreds of pips in the pocket.

Now I have to figure out if I should unload these positions or simply hang on as the AUDJPY may be at the beginning of a multi-month upward movement. Of course, if I am wrong, I could kiss my recent gains goodbye as the market searches for another low...

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