Trade Advice #14: Buy AUD/JPY @78.70

Got stopped out out our AUD/USD trade, which was expected if the correction upward didn't happen. Good news is that it did initially move up and I had an opportunity to close with a small gain before moving back to test support at the upward trend line.

For the Weekend trade I'm Buying AUD/JPY as it seems to be holding support near the Daily upward trend line which comes in about 77.20. I'll use this as a stop.

Advice;

Long AUD/JPY above 77.50

Stop loss: 77.20

Target Profit: 78.90

Longer Term Target: 80.90

I'll hold this over the weekend at least, unless some radical news takes out my initial target. Look to Monday to see if the short term reversal holds and the 200 Day trend resumes upward. I'll look to exit this position no later than Thursday, prior to next friday's payroll data.

Email me or comment if you're considering the FX market and want to know how to get started making considerable, "sub-lottery" profits. Many times the Foreign Exchange market gets over blown one way or the other as ultra risky or ultra profitable. But with proper account and trade management consistent, un-emotional returns can roll in no matter how smooth or rapid the market moves.